The Supreme Court ordered SpiceJet Chairman Ajay Singh to pay a $500,000 installment to Credit Suisse by September 22, as well as a $1 million defaulted sum.

The Supreme Court (SC) on Monday ordered SpiceJet Chairman Ajay Singh to pay $500,000 to Credit Suisse by September 22, as well as $1 million towards the defaulted sum.

If the money is not made, Singh will be transferred to Tihar prison, according to the court. According to The Economic Times (ET), the court has ordered Singh to appear at every hearing.

“We must take the next drastic step,” the court stated. We are not concerned if you go offline. Enough of this dithering… you must follow the terms of your consent. Even if you die, we are unconcerned. “It is excessive,” the court stated.

According to a court filing, Credit Suisse approached the Supreme Court in March of this year, seeking to initiate contempt proceedings against Singh and SpiceJet for “willful and intentional disobedience” of court orders and failure to pay dues of several million dollars as per a settlement between the two parties.

Since 2015, Credit Suisse and SpiceJet have been involved in a legal battle over Credit Suisse’s claim of unpaid dues of around $24 million, which resulted in the Madras High Court ordering the airline’s closure in 2021. According to the ET report, the Supreme Court halted the winding-up processes and enabled both sides to negotiate a solution.

Both parties agreed to settle the matter in August 2022.

But in March, Credit Suisse filed a contempt case against Singh after the airline failed to pay dues as per the settlement terms.

A criminal conviction for aiding drug traffickers to launder money in Bulgaria, involvement in a Mozambique corruption case, a surveillance incident involving a former employee and an executive, and a major leak of customer data to the media were among Credit Suisse’s shortcomings.

In its 2022 annual report, Credit Suisse reported “material weaknesses” in internal controls over financial reporting.

PricewaterhouseCoopers provided a “adverse opinion” on the efficacy of the bank’s internal controls over its reporting in the report, although its statements “present fairly, in all material respects” the bank’s financial status in 2020 through 2022.

The Swiss regulator FINMA stated that the bank must have adequate control systems in place.