The Supreme Court has acknowledged Credit Suisse’s statement that SpiceJet has resolved a $24 million payment dispute by clearing all outstanding dues. However, the court has decided to schedule a hearing in July to prevent any potential future defaults from the company.
The credit rating of Naveen Munjal-led Hero Electric Vehicles Private Ltd has been downgraded after the company defaulted on its loans as it faces a liquidity crunch with government subsidies withheld. Crisil downgraded Hero Electric’s ratings to signify the company’s financial difficulties.
