India to help lessors repossess KFA planes

Published: 06th March 2013 09:49 AM  |   Last Updated: 06th March 2013 09:49 AM   |  A+A-

Indian aviation authorities will help foreign lessors to grounded carrier, Kingfisher Airlines (KFA) take back their aircraft.

Agencies quoted government officials as saying that leasing and finance firms would be allowed to take back aircraft after the latter complained that authorities here were complicating the process. It was reported that DVB Bank from Germany had initiated legal proceedings against Indian aviation authorities after its aircraft was deregistered by the regulator, which would allow them to be flown in another country. Even US-based International Lease Finance Corp had seized four KFA planes in December last.

Troubles for the debt laden carrier has not stopped after it was grounded in October last year and then its Schedule Operators Permit (SOP) expiring on December 31, 2012. Further, the domestic and international slots of KFA were taken back on February 25,2013. But the ‘bad times’ did not end there for the ‘king of good times’, Vijay Mallya, as his name is missing from the latest list of Indian billionaires by globalbusiness magazine, Forbes.

Agencies quoted senior officials from ILFC as saying that the planes remained ‘stranded by administrative hurdles’.

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