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'No more extensions, SpiceJet must pay Credit Suisse'

Livemint

Livemint · 1y ago

'No more extensions, SpiceJet must pay Credit Suisse'

The Supreme Court has ordered SpiceJet, a low-cost airline, to clear its outstanding dues to Credit Suisse by 15 March. SpiceJet has been directed to pay $1.25 million to Credit Suisse, with monthly installments. The court also summoned SpiceJet's chairman and managing director to appear before the court. This comes after Credit Suisse claimed that it was supposed to receive $15 million from SpiceJet by 15 February but received only $13.75 million. The court questioned SpiceJet's financial capacity to acquire bankrupt airline Go First while neglecting its overdue payments.

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SC orders SpiceJet to clear Credit Suisse dues by 15 March

Livemint

Livemint · 1y ago

SC orders SpiceJet to clear Credit Suisse dues by 15 March

The Supreme Court has ordered SpiceJet to settle all pending payments to Credit Suisse by 15 March. The court directed the airline to pay $1.25 million to Credit Suisse and summoned SpiceJet's chairman and managing director to appear before the court. The court questioned SpiceJet's capacity to finance the acquisition of bankrupt airline Go First while neglecting its overdue payments. Credit Suisse had filed a petition alleging intentional non-compliance with court directives and failure to settle outstanding dues. SpiceJet has recently garnered attention for a joint bid to acquire Go First.

India court warns SpiceJet of 'drastic action' if Credit Suisse dues unpaid

Reuters · 1y ago

India court warns SpiceJet of 'drastic action' if Credit Suisse dues unpaid

SpiceJet, an Indian budget airline, has been ordered by the country's Supreme Court to pay $1.5 million to Credit Suisse by September 15th for unpaid dues. If the airline fails to make the payment, the court warned of unspecified "drastic action" at the next hearing on September 22nd. SpiceJet and Credit Suisse have been embroiled in a legal dispute since 2015 over unpaid dues. The airline recently faced financial challenges, including a separate order to pay $12 million to its former owner.

How much does SpiceJet need to pay Credit Suisse, and why?

Livemint

Livemint · 1y ago

How much does SpiceJet need to pay Credit Suisse, and why?

SpiceJet has paid ₹100 crore to former promoter Kalanithi Maran, settling a long-standing dispute. The Supreme Court ordered SpiceJet Chairman Ajay Singh to pay $500,000 towards a Credit Suisse installment by September 22 and an additional $1 million for a defaulted amount, with a warning of 'drastic action' if the payment is not made. Credit Suisse and SpiceJet have been embroiled in a legal battle since 2015, with the Madras High Court previously ordering the airline's winding-up, temporarily suspended following an appeal.

SpiceJet pays $1.5 million to Credit Suisse

Livemint

Livemint · 1y ago

SpiceJet pays $1.5 million to Credit Suisse

SpiceJet has announced its commitment to comply with all court directives and obligations in the Credit Suisse case, agreeing to make a payment of $1.5 million as per court orders. To date, SpiceJet has already paid $8 million to Credit Suisse. The case relates to an outstanding debt of $3.9 million under a previous settlement agreement. Credit Suisse had initiated contempt proceedings against SpiceJet and its chairman and managing director, Ajay Singh, over alleged non-compliance with court orders.

Credit Suisse crisis: UBS Chairman points at failure of board, management

Livemint

Livemint · 1y ago

Credit Suisse crisis: UBS Chairman points at failure of board, management

UBS Chairman, Colm Kelleher, criticized Credit Suisse for its leadership failures at all levels during an interview at the World Economic Forum in Davos. However, he expressed optimism for the merged UBS-Credit Suisse entity, citing potential higher returns on equity and a commitment to increased regulation. UBS aims for a 15% target ROE by the end of 2026, with the possibility of exceeding this. Kelleher also highlighted the need for stronger regulation and accountability in the wake of the Credit Suisse crisis.

CRED Enables Easy Credit Card Bill Payments Via BBPS

Inc42 · 1y ago

CRED Enables Easy Credit Card Bill Payments Via BBPS

CRED has become a certified customer operating unit (COU) on the Bharat Bill Payment System (BBPS), enabling credit card holders to pay their bills instantly. This move comes after the Reserve Bank of India (RBI) mandated that all credit card bill payments through third-party applications must go through BBPS. In addition, CRED has launched a new feature called CRED Guarantee, which facilitates timely repayment of credit card outstanding amounts.

Why SpiceJet’s and its boss’s bravado after investor lifeline must be taken with a pinch of salt | Mint

Livemint

Livemint · 11m ago

Why SpiceJet’s and its boss’s bravado after investor lifeline must be taken with a pinch of salt | Mint

SpiceJet, the Indian airline, has recently raised ₹3,000 crore from multiple investors, giving the company a much-needed boost. The funds will be used to repay statutory dues, settle liabilities, unground planes, and pay pending airport and employee dues. The airline aims to increase its operational size fivefold by 2026; however, it must first resolve issues with grounded planes and meet quality standards for expansion plans. With a negative net worth and accumulated losses, SpiceJet's profitability remains uncertain in a market dominated by two major players. The airline may need to reconsider its fleet strategy to succeed.

SpiceJet ordered to pay ₹100 crore to Marans by 10 September

Livemint

Livemint · 2y ago

SpiceJet ordered to pay ₹100 crore to Marans by 10 September

Delhi High Court on Thursday directed SpiceJet to pay ₹100 crore to Marans by 10th of September or attachment of assets will start. Ajay Singh can also be arrested in case of non-payment by September 10.

Australia Moves Ahead to Scrap AT1 Bonds After Credit Suisse Hit

Livemint

Livemint · 8m ago

Australia Moves Ahead to Scrap AT1 Bonds After Credit Suisse Hit

Australia's banking regulator, the Australian Prudential Regulation Authority (APRA), is moving forward with plans to eliminate the market for contingent convertible securities, making it the first country to phase out these securities. APRA aims to replace these securities with cheaper and more reliable forms of capital that can absorb losses effectively during times of stress. The decision comes after the collapse of Credit Suisse, which resulted in the complete write-off of $17 billion worth of these securities. The changes are set to take effect from January 2027.

SpiceJet passenger wins Rs 2 lakh damage for airline losing check-in bag containing his wife’s gold jewellery; Know how this husband won - The Economic Times

Economic Times

Economic Times · 2m ago

SpiceJet passenger wins Rs 2 lakh damage for airline losing check-in bag containing his wife’s gold jewellery; Know how this husband won - The Economic Times

The Delhi State Consumer Commission ordered SpiceJet to pay Rs 2 lakh to a passenger for losing his checked bag containing valuables in 2013. The airline's policy to compensate with Rs 3,000 was rejected as SpiceJet failed to prove the passenger was informed about the restriction on carrying valuables in checked baggage. The absence of clear terms led to the ruling in favor of the passenger, highlighting obligations under consumer protection laws.

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