SpiceJet gets 3 weeks to settle Credit Suisse dispute

The Supreme Court on Friday granted three weeks' time to SpiceJet Ltd to resolve its dispute with Credit Suisse AG and stayed the Madras High Court's order that allowed a winding up of the low-cost airline.

The BSE-listed SpiceJet has challenged the Madras High Court order of January 11, allowing the winding-up petition filed by Credit Suisse against the company for default of about $24 million. The High Court had also directed the official liquidator to take over the assets of SpiceJet.

A Supreme Court bench of Chief Justice NV Ramana, and Justices AS Bopanna and Hima Kohli granted time to both the parties to settle the dispute.

Senior advocate KV Vishwanathan, appearing for the Swiss banking conglomerate along with AZB & Partners senior partner Rajendra Barot, informed the court that the settlement offer given by the airline was so low that it is "not even worth mentioning".

Senior counsel Harish Salve, appearing for the airline along with senior counsel Mukul Rohatgi, argued that they are trying to "work something out" and sought three weeks' time to resolve the dispute.

"The Supreme Court has today stayed the Madras High Court order against SpiceJet to facilitate settlement between SpiceJet and Credit Suisse. Both Parties are already in advanced discussions to settle the matter," a SpiceJet spokesperson said in a statement.