New Delhi, March 25 -- Credit Suisse told the Supreme Court that SpiceJet has cleared its outstanding dues and is no longer in default. On the bank's request, the court deferred the case to the end of July. At the next hearing the court will monitor whether SpiceJet has been paying its monthly instalments on time.

During the previous hearing, the Supreme Court took exception to SpiceJet's failure to settle its dues after Credit Suisse said it had received only $13.75 million of the $15 million it was to be paid by 15 February. The court ordered the airline to clear all pending payments by 15 March and pay $1.25 million to Credit Suisse by that date.

At previous hearings, the court noted reports indicating that SpiceJet, in partnership w...