Supreme Court Adjourns Credit Suisse's Contempt Plea Against SpiceJet Till July 18

Cash-strapped airline SpiceJet received a temporary relief from the Supreme Court on May 17 in Credit Suisse's contempt plea. The apex court adjourned the case to July 18, providing an opportunity to review whether the airline has fulfilled its payment obligations as per its previous assurance made in July.

SpiceJet requested a two-month adjournment of the lawsuit after informing the court that it will be paying Credit Suisse $500,000 on the fifteenth of every month.

As a result, the hearing has been postponed by the supreme court without giving the airline any instructions to keep an eye on its payments.

The budget carrier promised to pay a total of $1.5 million by August 15 and gave the Supreme Court that assurance.

According to the settlement plan, Credit Suisse is alleging unpaid debts of $4.4 million.

The dispute started because SpiceJet owes money to SR Technics, a Swiss business that maintains, repairs, and overhauls aircraft for airlines. SpiceJet had a $20 million payment arrears.

A settlement agreement to address a payment issue was signed by SpiceJet and Credit Suisse in May 2022. The conflict began as a result of SpiceJet's failure to pay debts to SR Technics, a firm based in Switzerland that offers aircraft maintenance services. Dues of $20 million had been unpaid by SpiceJet.