SpiceJet had already provided Bank Guarantee of US $5million on the direction of the Hon'ble Madras High Court in the matter and there is no adverse financial liability on the Company. The settlement involves payment of certain amount upfront and balance amount over a mutually agreed timeline.
The settlement with Credit Suisse follows SpiceJet's successful settlements and performances therein with De Havilland Aircraft of Canada Limited (DHC), Boeing,CDB Aviation, BOC Aviation and Avolon and provides an impetus to normalisation,growth and expansion of the airline.
