Tihar jail awaits for SpiceJet's Ajay Singh if Credit Suisse dues not paid on time: Supreme Court

The Supreme Court on Monday had asked SpiceJet chairman Ajay Singh to make a payment of $500,000 towards an installment to Credit Suisse by September 22, along with $1 million towards the defaulted amount.

The court has further warned that he would be sent to Tihar jail if the payments are not made on time. As per Economic Times, the apex court has also instructed Singh to be present at the court on every hearing.

Also Read: SpiceJet board to consider raising fresh capital

"We have to move to the next drastic step. We are not worried if you shut down. Enough of this dilly-dally business… you will have to abide by the consent terms. We are not bothered even if you die. It is too much", the Supreme Court said.

Credit Suisse in 2014 had claimed that SpiceJet has unpaid dues of around $24 million. This led the Madras High Court's order that the airline be wound up in 2021. The Supreme Court, however, suspended the winding-up proceedings, and allowed both parties to discuss a settlement

Credit Suisse had approached the top court seeking to initiate contempt proceedings against Singh and SpiceJet over a wilful and intentional disobedience of court orders and failure to pay dues of several million dollars as per a settlement between the two sides in March this year.