Chennai: Chennai-based business class airline Paramount Airways hopes that its operations will become normal from Monday with resumption of services on full scale.
The company hopes that DGCA (directorate general of civil aviation) which asked concerned authorities to de-register three of its five aircraft on Friday, would revoke its order following a favourable verdict received from the London High Court in a long dispute with GECAS (GE Commercial Aviation Services—an aircraft leaser based in Europe), over lease rental.
The airline has sent all relevant documents pertaining to the court verdict to the DGCA and hopes that the latter will reverse its earlier de-register order on Monday, an official of the airline said on Sunday.
Paramount Airways has made a $15 million deposit to Gecas—$5 million as deposit and $10 million as maintenance reserves. The dispute had arisen as Paramount asked for a reimbursement of the maintenance reserves created on various checks carried out. 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.
In its order, the London High Court said: “The defendant is permitted to remain in possession of the aircraft and use them for all purposes permitted under the lease agreements.” Following which, Paramount has submitted the relevant court documents to DGCA and expects all operations to continue normally by Monday.
07/12/09 Financial Express
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