SpiceJet spurts over 3% after completing payment of $1.5 million to Credit Suisse
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The Supreme Court had warned SpiceJet’s CMD Ajay Singh of ‘drastic measures’ if the company does not clear its dues.
On September 11, the cash-strapped airline said that it would pay USD 1.5 million to Credit Suisse as demanded by the Supreme Court in a case related to unpaid dues
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Shares of SpiceJet soared over 3 percent in morning trade on September 15 after the airline said it has complied with the directive of the Supreme Court by remitting $1.5 million to Credit Suisse.
“The payment was executed on Thursday, September 14th,” it said in an exchange filing on September 15.
At 10 am, shares of the company were trading 3.67 percent up at Rs 39.79 on the BSE.
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On September 11, the cash-strapped airline said that it would pay USD 1.5 million to Credit Suisse as demanded by the Supreme Court in a case related to unpaid dues. The apex court had warned SpiceJet’s CMD Ajay Singh of ‘drastic measures’ if the company does not comply with the order.
“Enough of this dilly-dally business … We are not bothered even if you die,” one of the two judges said during the hearing, which was attended by SpiceJet chief Ajay Singh.
SpiceJet had previously said the Credit Suisse debt was an old one that predated the tenure of its current management.
Credit Suisse and SpiceJet have been engaged in a legal dispute since 2015 over the bank’s claim of unpaid dues of around $24 million, which led to an order of the Madras High Court that the airline be wound up in 2021.
Also Read | SpiceJet’s stock got a push last week. What’s driving it?
Even after agreeing to a settlement plan, the dues were not paid. In March, Credit Suisse approached the top court seeking to initiate contempt proceedings against SpiceJet and Singh over “a wilful and intentional disobedience” of court orders and failure to pay dues of USD 4.5 million.
Earlier this week, SpiceJet said that it had completed the payment of Rs 100 crore to former promoter Kalanithi Maran’s KAL Airways as per the Delhi High Court’s order regarding the execution of an arbitral award in a separate case.
SpiceJet shares are up nearly 3 percent on YTD basis, while the 1-year return stands at (-)10 percent.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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