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SpiceJet To Pay $1.5 Million To Credit Suisse After Supreme Court Order Warned Drastic Action Ajay Singh

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SpiceJet To Pay $1.5 Million To Credit Suisse After Supreme Court Order

Credit Suisse and SpiceJet have been engaged in a legal dispute since 2015 (Representational)

New Delhi:

SpiceJet said on Monday it would pay $1.5 million to Credit Suisse as demanded by the Supreme Court. 

Earlier in the day, the Supreme Court ordered SpiceJet to make the payment by September 15 in a case related to unpaid dues and warned the budget airline of unspecified “drastic action” at the next hearing if it failed to do so.

A third of the amount is part of a monthly settlement plan SpiceJet had previously agreed with Credit Suisse, and the rest are unpaid dues to the bank that have accrued since last year after the airline failed to keep up with the payment schedule.

If SpiceJet fails to pay, the Supreme Court will take “drastic action” at the next hearing on September 22, it said.

“Enough of this dilly-dally business … We are not bothered even if you die,” one of the two judges said during the hearing, which was attended by SpiceJet chief Ajay Singh.

The airline had previously said the Credit Suisse debt was an old one that predated the tenure of its current management.

Credit Suisse and SpiceJet have been engaged in a legal dispute since 2015 over the bank’s claim of unpaid dues of around $24 million, which led to the Madras High Court’s order that the airline be wound up in 2021.

Even after agreeing to a settlement plan, the dues were not paid, and in March Credit Suisse approached the Supreme Court seeking to initiate contempt proceedings against SpiceJet and Singh over “a wilful and intentional disobedience” of court orders and failure to pay dues of $4.5 million.

The court order is the latest setback for cash-strapped SpiceJet which told a court last month it was “struggling to stay afloat” after it was ordered to pay Rs 100 crores to its former owner, Kalanithi Maran, by September 10 as part of an arbitration order in a separate case.

In that case, also heard on Monday at a Delhi High Court, SpiceJet said it had deposited 625 million rupees of that amount.

The airline said late on Monday it would complete the payment of 1 billion rupees to Mr Maran by Tuesday.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)



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IRGC Vows To ‘Kill’ Netanyahu, Trump Seeks Help To Reopen Strait Of Hormuz While Not Being Keen On Ceasefire

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Iran War News Live Updates: Trump Attempt To Open Strait of Hormuz

US President Donald Trump called on allied countries to deploy warships to protect shipping in the Strait of Hormuz, and there were no indications on Sunday that the ongoing war would end soon.

“The Countries of the World that ​receive Oil through the Hormuz Strait must take care of that passage, and we will help — ⁠A LOT!” Trump wrote in a social media post on Saturday. “The U.S. will also coordinate with those Countries so that ​everything goes quickly, smoothly, and well.”

The president said military facilities on the Persian Gulf island had been “obliterated,” adding that he chose not to hit oil infrastructure “for reasons of decency.” He threatened to do just that should Iran “do anything to interfere with the Free and Safe Passage of Ships through the Strait of Hormuz.”



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upGrad Signs Term Sheet To Acquire Unacademy In 100% Share-Swap Deal

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upGrad has signed a term sheet to acquire Unacademy in a 100% share swap deal.

“Neither side will disclose the valuation until closing, when the papers are filed and the transaction becomes public,” Unacademy founder Gaurav Munjal tweeted on Sunday.

“I will be staying back as Co-Founder and CEO Unacademy – with the Goal to build Great Online Products for Learners in India and Globally,” Munjal added.

upGrad co-founder Ronnie Screwvala said his firm also agreed to a break fee if the deal is not closed. “If this closes. upGrad’s integrated model with an expanded focus from K12 to forever learning will be on a strong trajectory,”  Screwvala added.

“We at upGrad have signed a term sheet to acquire Unacademy in an all-stock deal, with Founder and CEO @gauravmunjal staying on to build Unacademy and focus on what it does best, creating online education products that learners love,” he added.

In January, UpGrad had called off a deal to acquire Unacademy at a valuation of around $290 million, citing valuation concerns and various business-related challenges within the Temasek and SoftBank-backed startup, according to sources.

Sources said that UpGrad changed its mind after realising the business of Unacademy is shrinking and there is fierce competition around the offline centre business of the edtech firm, which will require massive investments.

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Light Rains Bring Relief To City On Sunday Morning, AQI ‘Moderate’

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Many areas of the city witnessed light rainfall on Sunday morning, bringing a much-needed respite from the prevailing dry conditions, the IMD said.

The India Meteorological Department (IMD) stated that 5 mm of rainfall was recorded till 8.30 am.

According to the IMD data, Safdarjung and Lodhi Road recorded 0.8 mm rainfall each, while Palam received 0.4 mm. Ayanagar recorded 2.6 mm rainfall and Pitampura 3.5 mm, the highest among the stations.

ALSO READ: Mumbai Mayor Ritu Tawde Responds To Deepika Padukone’s ‘Children Are Choking’ AQI Post

Additionally, Mayur Vihar recorded 1.0 mm rainfall and Janakpuri 0.5 mm, while Ridge reported only a trace of rainfall.

The minimum temperature was recorded at 20.2 degrees Celsius, which is 5.1 notches above the seasonal average, while the maximum temperature is expected to settle around 28 degrees Celsius, the weather office said.

The AQI stood in the ‘moderate’ category at 9 am, with an Air Quality Index (AQI) reading of 190, Central Pollution Control Board (CPCB) data showed.

According to the CPCB, an AQI between zero and 50 is considered ‘good’, 51 to 100 ‘satisfactory’, 101 to 200 ‘moderate’, 201 to 300 ‘poor’, 301 to 400 ‘very poor’, and 401 to 500 ‘severe’.

ALSO READ: Delhi Gasps For Air: AQI Over 200 On Nearly Every Other Day, Winter Peaks Hit 466

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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