Low-cost airline SpiceJet and Swiss firm Credit Suisse AG told the Supreme Court on August 18 that they have settled their financial dispute. The top court then allowed SpiceJet to withdraw its appeal against the Madras High Court order ordering the closure of the airline for alleged non-payment of dues to Credit Suisse AG.
“There is an agreement that has taken place on May 23, 2022 in accordance with the agreed terms. In view of this both the parties are satisfied with the agreement and wish to withdraw the SLP. [special leave petition] filed by the petitioner.
“Accordingly, the application is allowed,” a division bench of Chief Justice NV Ramana and Justice Hima Kohli and Justice CT Ravikumar said in the order.
It states that the parties have been instructed to abide by the terms of consent.
“It is noted that some amount was deposited in the Madras High Court in pursuance of the order of the Madras High Court. The parties are free to apply for release of money,” the court said.
The airline initially apprised the bench about the settlement of the dispute with the Swiss firm and said that the bank guarantee was given to the Madras High Court registrar as per the High Court order. Now according to the terms of the settlement, the bank guarantee will have to be issued and returned to the bank.
The apex court noted the submission and said that the parties concerned are free to approach the High Court for issue of bank guarantee.