SpiceJet To Pay $1.5 Million To Credit Suisse After Supreme Court Order

The airline had previously said the Credit Suisse debt was an old one that predated the tenure of its current management.

SpiceJet said on Monday it would pay $1.5 million to Credit Suisse as demanded by the Supreme Court. 

Earlier in the day, the Supreme Court ordered SpiceJet to make the payment by September 15 in a case related to unpaid dues and warned the budget airline of unspecified "drastic action" at the next hearing if it failed to do so.

A third of the amount is part of a monthly settlement plan SpiceJet had previously agreed with Credit Suisse, and the rest are unpaid dues to the bank that have accrued since last year after the airline failed to keep up with the payment schedule.