New Delhi: Debt-laden Kingfisher Airlines is facing a fresh challenge, this time from disgruntled lessors who are clearing dues owed by the airline to the Airports Authority of India (AAI) and repossessing their leased aircraft, currently grounded in a few airports in India.
Forty of the Vijay Mallya-owned airline's aircraft are grounded, of which it owns 10. State-owned AAI disallowed the use of remaining 30 leased ones unless Kingfisher cleared dues of 280 crore to the airport operator.
In the backdrop of Kingfisher defaulting on clearing dues for months together, officials from the AAI confirmed that lessors are now approaching them directly, depositing money and taking back their aircraft.
"In a month, four ATRs have been freed by lessors. This arrangement works for them and us. We get part of our dues and the lessor gets back his plane, which can earn revenues if put to flight again. It is of no use to the lessors if the aircraft remain grounded," said a senior AAI executive, requesting anonymity.
24/10/12 Anindya Upadhyay/Economic Times
To Read the News in full at Source, Click the Headline
Forty of the Vijay Mallya-owned airline's aircraft are grounded, of which it owns 10. State-owned AAI disallowed the use of remaining 30 leased ones unless Kingfisher cleared dues of 280 crore to the airport operator.
In the backdrop of Kingfisher defaulting on clearing dues for months together, officials from the AAI confirmed that lessors are now approaching them directly, depositing money and taking back their aircraft.
"In a month, four ATRs have been freed by lessors. This arrangement works for them and us. We get part of our dues and the lessor gets back his plane, which can earn revenues if put to flight again. It is of no use to the lessors if the aircraft remain grounded," said a senior AAI executive, requesting anonymity.
24/10/12 Anindya Upadhyay/Economic Times
