SpiceJet-Credit Suisse case: Supreme Court sends notice to SpiceJet's CMD in contempt case
SpiceJet-Credit Suisse case: The CMD of SpiceJet has received a summons from the Supreme Court today. This summons has been sent to SpiceJet CMD Ajay Singh in the contempt of court case. Actually, SpiceJet had to pay $ 5 lakh every month to the Credit Suisse company. Now the court has ordered SpiceJet to pay the dues in 4 weeks.
The Supreme Court has sent a summons to the CMD of Spice Jet. Court has sent a contempt notice. Let us tell you that Credit Suisse owes $6.5 million to SpiceJet. There was a settlement between the two companies in May this year. In this, SpiceJet paid Rs 2.2 million. There was a settlement between the two companies regarding the balance amount. Now the notice has been sent to the company's CMD Ajay Singh.
The court has sent a notice to Ajay Singh regarding the remaining dues. SpiceJet was to pay Rs 5 lakh every month to Credit Suisse. Now the court has ordered SpiceJet to pay the dues within 4 weeks. Earlier, in January last year, the Madras High Court had directed the closure of SpiceJet and handing over the airline's assets. After this, SpiceJet appealed in the Supreme Court and the Supreme Court stayed the order of the High Court. The court said that he should settle the dispute with Credit Suisse.
Shares of SpiceJet jumped nearly 7 percent on Monday after reporting a net profit of Rs 205 crore for the June quarter on the back of air travel demand. The stock closed at Rs 33.67, up 6.72 percent, on the BSE today. Whereas, it rose by 11.56 percent to Rs 35.20 during the day.
A total of 173.81 lakh shares of the company were traded on BSE during the day today.
The airline, facing several headwinds, had reported a net loss of Rs 789 crore in the year-ago period. The company's revenue in the June quarter of the current financial year was Rs 2,002 crore, as against Rs 2,457 crore in the same quarter last year.