Low-cost airline SpiceJet and Swiss firm Credit Suisse AG told the Supreme Court on Thursday that they have settled their financial dispute. The apex court then allowed SpiceJet to withdraw its appeal against a Madras High Court verdict ordering the airline’s liquidation over alleged non-payment of dues to Credit Suisse AG.
“There is an agreement which has been reached on May 23, 2022 as per the terms of the consent. In view of this, both the parties are satisfied with the agreement and wish to withdraw the SLP (Special Leave Petition) filed by petitioner
“Accordingly, the application is allowed,” an apex court comprising Chief Justice NV Ramana and Justices Hima Kohli and CT Ravikumar said in the order.
The parties, he said, are ordered to abide by the terms of the consent.
“It is noted that an amount was deposited in the Madras High Court following the order of the Madras High Court. The parties are at liberty to seek release of the money,” the court said.
The airline, at the outset, informed the bank about the settlement of the dispute with the Swiss company and said there was a bank guarantee with the Madras High Court Registrar as per the high court’s order. Now, according to the terms of the settlement, the bank guarantee must be released and returned to the bank.
The high court took note of the submission and said that the interested parties were at liberty to move the high court to release the bank guarantee.
(Only the title and image for this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
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