The Ministry of Civil Aviation, it is said, may soon allow global aircraft lessors to retrieve their planes from Indian airports if they have been de-registered by the Director General of Civil Aviation (DGCA). If the ministry, led by Ajit Singh, indeed issues a notification to that effect, it will be doing a world of good to the likes of IndiGo, Jet Airways and SpiceJet.
If they are able to get their planes back easily, aircraft leasing firms are likely to ease the terms of their rental agreements with airlines. Carriers may not have to pay advance lease rentals. There is even a likelihood of the rentals falling in the coming days. This will ease the cash flow problems of airlines.
The grounded Kingfisher Airlines owes the Airports Authority of India (AAI) around Rs 390 crore in airport charges. It has also defaulted on paying lease rentals to aircraft leasing firms. After receiving letters from overseas leasing firms, the DGCA de-registered the planes and the lessors were supposed to take them back.
The AAI, however, rebuffed their attempts to take control of the planes, insisting that Kingfisher had to clear its dues before the aircraft could be flown back.
25/02/13 K.R. Balasubramanyam/Business Today
