Paramount rebuts Gecas’ claim on lease dues

New Delhi: A financial dispute has broken out between Chennai-based Paramount Airways and aircraft lessor GE Commercial Aviation Services (Gecas). While Gecas has asked DGCA to deregister three Embraers leased to Paramount for alleged default on payments, the airline says the company owes it money and is not refunding that. The airline has a fleet of five Embraers.
Airline MD M Thiagarajan said: “Gecas has $15 million cash deposit from us. Our maintenance caution deposit is also with them and we are eligible for refund of that. They are not refunding that. We have been telling them either you refund or you adjust it against rental. Still there is no rental overdue. The sum of $200-300,000 being claimed as due from us ridiculous.” He added that the planes cannot be deregistered on the principle of “natural law”.
22/10/09 Times of india

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Categories: Foreign Oct 2009, Paramount Airways Oct 2009