SpiceJet on Friday gave an undertaking to the Supreme Court that it would pay a monthly instalment of $1 million every month for the next six months and, thereafter, $500000 every month to clear its outstanding dues to Credit Suisse.

The assurance was given by the company’s counsel to a bench of Justice Vikram Nath and Justice Ahsanuddin Amanullah during the hearing of a contempt petition filed by Credit Suisse, accusing the airline of failing to abide by its earlier commitment to pay all outstanding dues.

In August last year the Supreme Court was informed that the two parties have amicably settled the dispute relating to the $24 million dues owed by the airlines through a consent term entered on May 23.

As such the two parties sought an end to the present proceedings between the two companies before the apex court, which was accepted by a bench headed by the then Chief Justice of India N. V. Ramana.

However, later the Swedish creditor had accused SpiceJet of renegading on its commitments and sought contempt proceedings against the airlines’ chief Ajay Singh.

Last fortnight, the bench had issued a warning to the airline that it would pass appropriate orders for action against the company and its top echelon for breach of the assurances given to the court.

On Friday the airline announced its decision to pay the amount in instalments, which the top court approved.

However, the official order was not uploaded till late in the evening.

In January last year, the apex court had stayed the winding up proceedings against SpiceJet Airlines for three weeks but had warned the carrier that it may have to face liquidation proceedings, if the company failed to resolve its financial dispute with its creditor Credit Suisse AG to which it reportedly owes over $24 million.

Thereafter, the two sides had resolved the issue through talks upon prodding from the bench. The top court had passed the order while dealing with a special leave petition filed by SpiceJet challenging the concurrent rulings of a single judge and a division bench of Madras High Court.