New Delhi, Mar 31 (IANS): Budget carrier SpiceJet on Thursday said it has reached an in-principle commercial settlement with Credit Suisse.

The dispute was about the payment of $24 million by SpiceJet to Credit Suisse. It had emanated out of an old service contract which was executed in 2011, which was later discovered to be lacking certain approvals leading to the dispute between the two parties. At the request of both parties, the Supreme Court on January 28, 2022 stayed the Madras High Court order against SpiceJet to facilitate settlement.

The airline said that the documentation process of the settlement terms is underway. Notably, the process involves payment of the settlement amount by SpiceJet to Credit Suisse over a mutually agreed period of time.

"The settlement with Credit Suisse follows SpiceJet's successful settlements with De Havilland Aircraft of Canada Limited (DHC), Boeing, aircraft lessors CDB Aviation and Avolon," the airline said in a statement.

"SpiceJet had already deposited $5 million on the direction of the Hon'ble Madras High Court in the Credit Suisse case and there is no adverse financial liability on the company."