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SpiceJet reaches settlement with Credit Suisse over late MRO payments dispute
May 27th 2022
SpiceJet said a pending court case with Credit Suisse, soon to be presented to the Supreme Court of India for hearing, had been settled. Read More » “SpiceJet Limited and Credit Suisse AG have signed and concluded the settlement and consent terms with regard to the pending dispute between the two parties,” the airline said in a regulatory filing to India's BSE stock exchange. “The settlement and consent terms, executed on May 23, also have been filed before the Supreme Court of India for final orders.” SpiceJet said there was no adverse financial liability on the company and added the settlement involved payment of a certain amount upfront and the balance paid over a mutually agreed timeline. In 2021, Credit Suisse took legal action against SpiceJet in relation to US$24 million in outstanding payments to maintenance, repair and overhaul provider, SR Technics. SpiceJet is due to report its latest quarterly results on May 30.
