The Supreme Court has come down heavily on SpiceJet chairman and managing director Ajay Singh, warning him of jail term if he fails to comply with its order on making payment to global investment bank and financial services firm Credit Suisse AG.
The apex court asked the Spicejet chief to pay $5,00,000 towards an instalment to the Swiss firm along with USD 1 million defaulted amount.
"We have to move the next drastic step. We are not worried even if you shut down", a bench of Justices Vikram Nath and Ahsanuddin Amanullah observed.
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The bench warned Mr. Singh that he would be required to abide by the consent terms and expressed its outrage over the "dilly-dally business." It is excessively. We will send you to Tihar prison, in the event that you don't pay". The court's explosion came on Monday when it requested Mr Singh and the organization secretary from SpiceJet to be available during the hearings and make the installment. It posted the matter for additional conference on September 22.
The Swiss company claims that SpiceJet used SR Technics, Switzerland, for essential operations-related maintenance, repair, and overhaul of aircraft engines, modules, components, assemblies, and parts. An understanding for such administrations was placed into among SpiceJet and SR Methods on November 24, 2011 for quite a long time. Additionally, the payment terms were agreed upon.
SR Methods had given Credit Suisse the option to get installments from SpiceJet for the administrations.
The High Court had on July 25 given extra chance to SpiceJet to make the installment to Acknowledge Suisse according to the assent terms settled upon by the two gatherings.
The top court was hearing a supplication by the Swiss firm looking for commencement of hatred procedures against Singh and SpiceJet north of "a willful and deliberate rebellion" of court requests and inability to pay levy according to a settlement between the different sides.
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