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SpiceJet settles dispute with Credit Suisse

Domestic no-frills carrier SpiceJet said on Wednesday said it has signed and concluded the settlement and consent terms with Credit Suisse in a pending dispute with the latter.

The settlement and consent terms, executed on May 23, have also been filed before the Supreme Court for final orders, the airline said in a statement.

The settlement involves payment of a certain amount upfront and the balance amount over a mutually agreed timeline, SpiceJet said without giving specific details.

The airline said it had already provided a bank guarantee of USD 5 million under the direction of the Madras High Court in the matter and there is no adverse financial liability on the company. PTI IAS BAL BAL

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