Paris/ New Delhi: Indian airports have claimed international law must take a back seat to local courts in a row with foreign aircraft leasing firms over the future of grounded Kingfisher Airlines jets, according to government minutes seen by Reuters.
The stance taken by Mumbai and Delhi airports could further complicate the leasing firms’ attempts to recover jets supplied to Kingfisher, as other creditors also try to recoup some of the $2.5 billion of debt left when the airline, set up by liquor baron Vijay Mallya, halted flights in October.
That in turn could affect leasing firms’ willingness to deal with Indian airlines in future, or at least make financing for local carriers more expensive, aviation analysts said.
Aircraft leasing firms like ILFC are at the heart of the $100 billion-a-year passenger jet industry. Their role has grown dramatically as cash-pinched airlines try to contain their capital spending, and experts say lessors now account for about 40 percent of the modern jetliner fleet.
22/04/13 First Post.com
