Mumbai: With Rs.1,600 crore in its kitty, Madurai-based Paramount Airways is planning to restart operations by May with six ATR-72-600 aircraft, a top official of the now defunct airline told The Hindu.
The erstwhile all-business-class airline operating five Embraer aircraft had its last flight in August 2010 when the Director General of Civil Aviation (DGCA) deregistered its aircraft following a dispute with its aircraft lessors over non-payment of lease rentals following engine malfunction.
In November, 2012, the airline was awarded a compensation of Rs.1,600 crore through international arbitration, and, in the same month, the DGCA renewed its operating licence, paving the way for starting afresh.
01/02/13 Lalatendu Mishra/The Hindu
