SpiceJet Chairman and Managing Director Ajay Singh [ANI photo]
New Delhi: SpiceJet Chairman and Managing Director Ajay Singh and Company Secretary Chandan Sand will remain present in the Supreme Court on September 22 though the budget airline is stated to have complied with the apex court’s directive by transferring $1.5 million to Credit Suisse.
The Supreme Court had, on September 11, issued a stern warning to Ajay Singh for defaulting in making the due payments to the global investment bank and financial services firm and asked him to file proof of deposit of the installment of $500,000, due on September 15, and also for an additional $1 million out of the defaulted amount before September 22.
It had also said that further orders will be passed on September 22 taking into consideration the status of compliance and asked Ajay Singh and the Company Secretary to again remain present in the court on the next date of listing.
As per the cause list published on the website of the apex court, the matter will be taken up on Friday for hearing by a bench of Justices Vikram Nath and Ahsanuddin Amanullah.
Last year, the top court had withdrawn the airlines from liquidation after SpiceJet promised to pay $500,000 to Credit Suisse AG every month. As per the settlement the two parties entered in May last year, which was endorsed by the Supreme Court, SpiceJet is required to pay this amount of $500,000 by the 15th of each month.
“Though as of now more than $6.5 million has to be deposited, but only a little over $2 million has been deposited,” the Supreme Court had noted in its order passed on August 14 while issuing the contempt notice on the plea moved by Credit Suisse.
This post was last modified on September 21, 2023 8:14 pm