SpiceJet acknowledges the legal process and is committed to complying with all court directives and obligations in the Credit Suisse matter and will make the payment of $1.5 million as per the court directive. Till date, SpiceJet has already paid a total of $8 million to Credit Suisse as per consent terms.

"This liability is an old one and predates the current Promoter taking over the company,” SpiceJet said in a statement.

SpiceJet is a low-budget air carrier. The airline operates a fleet of Boeing 737s, Q-400s & freighters and is one of the country's largest regional players operating multiple daily flights under UDAN or the Regional Connectivity Scheme.

The company reported standalone net profit of Rs 204.56 crore in Q1 FY24 as against net loss of Rs 788.83 crore in Q1 FY23. However, total revenue from operations declined 18.52% YoY to Rs 2,001.74 crore during the quarter ended 30 June 2023.