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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.

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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.

'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 pay its dues to Credit Suisse by 15 March. The court expressed concern over reports of SpiceJet's bid to buy Go First while neglecting its outstanding payments. SpiceJet has been directed to pay $1.25 million to Credit Suisse, as the bank had only received $13.75 million out of the $15 million owed by SpiceJet. The legal dispute between SpiceJet and Credit Suisse began in 2011 when the airline failed to make payments for aircraft servicing.

'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.

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.

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 $2 million to settle dispute with Shannon Engine Support

Livemint

Livemint · 10m ago

SpiceJet pays $2 million to settle dispute with Shannon Engine Support

SpiceJet has settled a $4.5 million dispute with Shannon Engine Support Limited (SES) for an aggregate sum of $2 million. The settlement was reached through amicable negotiations, avoiding courtroom proceedings. As part of the settlement, all ongoing litigations and disputes between the two parties will be withdrawn. This settlement follows several recent financial agreements made by SpiceJet, including settlements with Aircastle and Wilmington Trust for $5 million, and with Horizon Aviation and Engine Lease Finance Corporation for undisclosed amounts. SpiceJet's shares were trading lower following the announcement.

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.

1 Mn + Users, 5 Mn Transactions, $1.5 Mn Revenue: How CheQ Is Transforming Credit Management

Inc42 · 1y ago

1 Mn + Users, 5 Mn Transactions, $1.5 Mn Revenue: How CheQ Is Transforming Credit Management

Bengaluru-based credit management startup CheQ has achieved significant growth in its first year of operation, with revenue of over $1.5 million in December 2023. The fintech provides a unified platform for credit cardholders and borrowers to streamline monthly payments and monitor their credit scores. CheQ aims to become the leading credit management company in India, offering a range of features and solutions to meet users' credit management needs. The startup has achieved a customer retention rate of 70% and processed around 2% of all retail credit card transactions in India each month.

Delhi High Court orders SpiceJet to return two leased planes to TWC Aviation

Livemint

Livemint · 1y ago

Delhi High Court orders SpiceJet to return two leased planes to TWC Aviation

The Delhi High Court has ordered SpiceJet to return two leased Boeing aircraft and their engines to TWC Aviation Capital Ltd by 31 May due to unpaid dues. The court found that SpiceJet had damaged TWC's assets by separating the engines from the planes and using them in other aircraft. SpiceJet currently owes $14 million to TWC. The airline is facing multiple lawsuits from lessors over unpaid dues.

360 ONE group gets CCI nod to acquire certain businesses of UBS

Economic Times

Economic Times · 1m ago

360 ONE group gets CCI nod to acquire certain businesses of UBS

The Competition Commission of India (CCI) has approved 360 ONE group's acquisition of certain businesses from Switzerland-based UBS AG. 360 ONE will acquire portfolio management services and other financial offerings from UBS's Indian subsidiaries, including Credit Suisse Securities. Additionally, CCI approved UBS's acquisition of a 4.95% stake in 360 ONE WAM. This transaction aims to enhance wealth management services and provide value to clients, employees, and shareholders of both companies.

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