Credit Suisse dispute: How SpiceJet came close to getting wound up

SpiceJet has reached an out of court settlement with Swiss bank Credit Suisse over payment of dues


BS Reporter New Delhi
Ajay Singh-promoted SpiceJet and Swiss bank Credit Suisse informed the Supreme Court on August 18 that the two had settled a long winding dispute through an out of court settlement. This led to the withdrawal of an appeal by SpiceJet against a Madras High Court order that would have potentially led to the winding up of the low-cost airline. The dispute originated at a time when Kalanithi Maran was the owner of the airline.
The dispute
The bone of contention was non-payment of money by SpiceJet to SR Technics, a Swiss firm engaged in repair, maintenance and overhaul of aircraft and engines. The deal for maintenance of planes was signed between the two in 2011. In September 2012, SR Technics transferred all

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First Published: Aug 22 2022 | 2:42 PM IST

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