SC issues contempt notice to SpiceJet CMD Ajay Singh
Credit Suisse has alleged Singh and Spicejet have not been paying as per the schedule and as of now there is an outstanding dues of $6.5 million.
Published: 15th August 2023 09:40 AM | Last Updated: 15th August 2023 09:52 AM | A+A A-
SpiceJet CMD Ajay Singh (File photo | AFP)
NEW DELHI: The Supreme Court on Monday summoned Ajay Singh, Chairman and managing director of SpiceJet, for a personal appearance. The top court issued a contempt notice against Singh for failure to comply with the agreed terms with Credit Suisse.
The court has asked Singh to respond to the contempt notice in four weeks. Last week, the Delhi High Court had asked Singh to personally present in the court on August 24 in his dispute against Kalanithi Maran of KAL Airways.
Credit Suisse has alleged Singh and Spicejet have not been paying as per the schedule and as of now there is an outstanding dues of $6.5 million. A SpiceJet spokesperson said the debt, it should be noted, is an old one and predates the current promoter taking over the company.
“The payment of the settlement amount was subject to RBI approval. SpiceJet could not start the payment as per the applicable schedule under the consent terms for a few months till RBI approval came. To date, SpiceJet has paid a total of $7.1 million to Credit Suisse. The shortfall of $4.4 million pertains to the period when RBI approval was still awaited.”
