Today i.e. Monday (September 11), the Supreme Court has asked SpiceJet Chairman Ajay Singh to deposit Rs 12.45 crore in the Credit Suisse case. There is an installment payment of Rs 4.15 crore ($5 lakh) and a default amount of Rs 8.29 crore. For this he has been given time till 22nd September.

The court also said that if he does not make the payment, he will be sent to Tihar (jail).

The court said- pay the money in any case

The bench of Justices Vikram Nath and Ahsanuddin Amanullah heard this Credit Suisse case of 2015. The judges said- This (case) has become enough, now we will have to take very strict steps. We don't care if SpiceJet gets shut down or shuts down, but Ajay Singh will have to accept the terms of the consent.

The court has also ordered Ajay Singh to be present in every hearing of the court.

There is an allegation of deliberately not following the terms of consent.

In this case, on August 14, the Supreme Court had issued a contempt notice against Ajay Singh. According to the court filing, Ajay Singh deliberately did not follow the conditions of the consent. Also, he did not pay Rs 199.25 crore despite the court order.

What is the matter?

Spice Jet had signed a 10-year deal with Switzerland-based company SRT Techniques (Credit Suisse) in 2011 for maintenance of aircraft engines. In 2013, Credit Suisse had filed a case against SpiceJet accusing it of not making timely payments.

While hearing the case, Madras High Court had ordered the closure of SpiceJet by 2021. SpiceJet had filed a petition in the Supreme Court against this order of the High Court. After this, the SC had asked both the parties to resolve the matter by mutual consent.

An agreement was signed between Credit Suisse and the airline in May 2022. Under which there was talk of giving about Rs 199 crore to Credit Suisse as advance payment and outstanding payment to SpiceJet within a certain time.