The Indian civil aviation regulator has deregistered 15 Kingfisher planes paving the way for global leasing companies to take them back and easing worries that the dispute might hurt purchases by other Indian carriers.
The move comes a day after officials from German bank DVB, one of the largest global aviation financing banks, met DGCA chief Arun Mishra? to press for deregistration of the two aircraft.? Unless a plane is de-rigistered in a lessor country, it cannot be reclaimed or leased to other carriers.? The two planes were sent to Turkey for repair and maintenance where DVB seized them. But since they were? yet to be deregistered the aircraft could not be sold to other carriers.
AFP
In fact, DVB even sued the aviation regulator and Kingfisher to have the two planes deregistered. The German bank has moved the Delhi High Court over the issue and the court was to take up the matter for hearing on 8 April.
Cash-poor and debt-hit Kingfisher has not flown for five months and finance and leasing companies have warned that India could be starved of the funding it needs to fuel aviation industry growth if repossessing its planes is not made easier.
Earlier this year, US-based International Lease Finance Corp (ILFC), one of the world?s largest leasing firms, sent a team to repossess planes from Kingfisher for unpaid bills. However, the planes remained stranded? due to administrative hurdles. According to media reports, ILFC today successfully removed one of six aircraft stranded in India post the deregisteration.
Earlier the Airports Authority of India and other vendors to whom Kingfisher owed large sums of money, had decided not to release these planes till such time the bankrupt airline does not clear their dues.
Arun Mishra, director general of civil aviation, also said the regulator would meet tax officials and airport operators today to? discuss issues related to other planes leased by Kingfisher, whose aircraft have been grounded for months.
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