SpiceJet and Credit Suisse on Thursday informed the Supreme Court that they have settled their dispute relating to the $24 million owed by the airline to Credit Suisse — through a consent term entered on May 23. The two parties sought to end the present proceedings before the apex court — which was acceded to by a bench headed by Chief Justice N.V.Ramana.

The bench, which also included Justice Hima Kohli and Justice C.T.Ravi Kumar, asked the two sides to move an appropriate application before the Madras High Court for the release of the guarantee deposited on behalf of the airline by Yes Bank.

“There is a settlement which has taken place on May 23, 2022, as per the consent terms. In view of it, both the parties are satisfied with the settlement and want to withdraw the SLP (special leave petition) filed by the petitioner.” “Accordingly, the application is allowed.” the apex court bench said.

The parties, it said, are directed to abide by the consent terms. “It is noted that some amount was deposited in the Madras High Court in pursuance of the order of Madras High Court. Parties are at liberty to make an application for the release of the money.” On January 28, the Supreme Court had stayed the winding up proceedings against SpiceJet for three weeks but had warned the carrier that it may have to face liquidation proceedings, if the company fails to resolve its financial dispute with its creditor Credit Suisse AG to whom it reportedly owes over $24 million.

Passenger count

More than 97 lakh domestic passengers travelled by air in July, 7.6 per cent lower than the 1.05 crore who travelled in June, aviation regulator DGCA said on Thursday.