Paramount crisis: The airline gets positive judgment from London High Court

Chennai: The Chennai-based Paramount Airways’ operations have almost come to a standstill with the Directorate General of Civil Aviation (DGCA) de-registering three of its aircraft.
When contacted, Paramount officials said that they had submitted relevant documents to DGCA and hoped to return normalcy in their operations.
“We (Paramount) have been awarded a positive judgment by the London High Court against GECAS over the pending dispute on maintenance reserves and deposit refund thus putting an end to months of speculation,” a release said explaining the causes for the DGCA directive to de-register its aircraft.
“Paramount had made a $15 million deposit to GECAS - $5 mn as deposit and $10 mn as maintenance reserves. The dispute had arisen as Paramount asked for a reimbursement of the maintenance reserves created on various checks carried out. The lack of response from GECAS led to the dispute. GECAS in its capacity of a leasing company was looking to deregister the aircraft due to the dispute. After a bitter court battle under the jurisdiction of the London High Court, Paramount Airways has finally been able to win a judgment in its favour,” Paramount officials said.
06/12/09 Mamta Todi/ExpressBuzz

To Read the News in full at Source, Click the Headline

Categories: Foreign Dec 2009, Paramount Airways Dec 2009