New Delhi, Sep 23 Supreme Court on Friday directed SpiceJet Chairman and Managing Director (CMD), Ajay Singh to pay$1 million every month for the next six months to clear arrears of $3 million and the regular payment of $500,000, to Credit Suisse.
A two-judge bench of the Supreme Court,headed by Justice Vikram Nath and alsocomprising Justice Ahasanuddin Amanullah, directed Singh to pay $1 million every month for the next six months to clear arrears of $3 million and the regular payment of $500,000 to Credit Suisse.
The apex court also in its order said that Singh has to pay the regular instalment of $5,00,000 to Credit Suisse. Singh will also have to be present in the court on the next date of hearing on October 20.
The development comes after SpiceJet last week said they have completed payment of $1.5million to Credit Suisse, while complying with the top court’s order.
On the previous date of hearing, the SC had came down heavily on the budget carrier’s CMD, for not paying the amount to Credit Suisse as per court’s order’s and warned that he may be sent to Tihar jail if he failed to pay the amount.
The apex court also accepted Singh’s senior counsel, Kapil Sibal’s request to give him six months time to pay the arrears.
After the hearing, SpiceJet Spokesperson issued a statement, and said that the Supreme Court Has noted the company’s compliance with its previous orders and agreed with its proposal to pay the $3 million arrears over the next 6 months.
“This is a positive outcome for the company and our stakeholders, and we are grateful to the court for its understanding. We are committed to paying our dues in full and on time. We Remain fully committed to upholding the highest standards of compliance and look forward to continuing our positive engagement with all stakeholders,” the air carrier said in the statement.
