India’s SpiceJet has landed itself into more scrutiny after the nation’s Supreme Court issued a deadline for the settlement of a $1.25 million debt to Credit Suisse. Yet the airline which had undergone considerable financial strain these past years had recently been in the spotlight for its desire to acquire the assets of bankrupt Go First. Its Chairman Ajay Singhwhich had sought the help of Busy Bee Aviation had already been the subject of contempt proceedings.
The case had originated from the airline failure to settle bills it had accumulated with with Switzerland-based SR Technics for maintenance, repair and overall work done on its aircraft. By 2012 when Credit Suisse took over the debt claim, it had ballooned to $24 millions.
Through recent legal proceedings, Credit Suisse was by February 15th, due to receive final payment of an oustanding $15 million. However only $13.75 million have been received.
According to
the latest court ruling issued Monday February 19th has set a March 15th for SpiceJet to pay up.
