Shares of SpiceJet jumped over 4 per cent on Friday after the domestic airline said it has completed the payment of $1.5 billion to Credit Suisse.
SpiceJet’s stock jumped 4.22 per cent in the intraday session to touch Rs 40 on BSE. At the time of writing, the shares were trading 2.24 per cent higher at Rs 39.24.
In a statement to exchanges on Friday, SpiceJet said, “SpiceJet Ltd. has complied with the directive of the Supreme Court by remitting $1.5 million to Credit Suisse. The payment was executed on Thursday, September 14th.”
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This comes after the apex court on Monday directed SpiceJet to pay $1.5 million in a case related to unpaid dues to Credit Suisse by September 15. The SC warned SpiceJet of ‘drastic action’ at the next hearing on September 22 if it fails to pay the amount to the Switzerland-based global investment bank and financial services firm. The SC had warned SpiceJet MD and chairman Ajay Singh that he will be sent to Tihar jail for non-compliance with its order.
The no-frills airline, in a statement on Tuesday, said, “SpiceJet acknowledges the legal process and is committed to complying with all court’s directives and obligations in the Credit Suisse case and will make the payment of USD 1.5 million as per the court directive. Till date, SpiceJet has already paid a total of USD 8 million to Credit Suisse.”
“SpiceJet remains committed to the highest standards of transparency and legal compliance. This liability is an old one and predates the current promoter taking over the company,” it said.