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SpiceJet says reached agreement with Credit Suisse for settlement

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Budget carrier SpiceJet Ltd claims to have reached an in-principle agreement with Credit Suisse for settlement of a dispute which entails the airline paying the settlement amount over some time. SpiceJet had already deposited USD 5 million on the direction of Madras High Court in the case and there is no adverse financial liability on the company. The settlement involves payment over a mutually agreed period of time. Credit Suisse had dragged SpiceJet to the Madras High Court last year after the airline failed to make payments of over USD 24 million to Swiss maintenance, repair and overhauling (MRO) service provider SR Technics. Credit Suisse was mandated to receive the pending dues on behalf of SR Technics.