New Delhi: A Rs 550 crore debt to a clutch of banks has come in the way of grounded Chennai-based airlines Paramount Airways from taking to the skies. Paramount Airways, promoted by M Thiagarajan, lost it licence in 2010 when aviation regulator, Director-General of Civil Aviation (DGCA) stopped its services for failing maintain the mandatory five aircraft in its fleet. The airline has now missed its earlier target of April to restart its services.
Thiagarajan met Union Aviation Minister Ajit Singh and DGCA officials in the capital in January. But soon after the meeting, six banks that had extended loans to Paramount Airways wrote to the DGCA asking the regulator to not to allow the airlines to commence operations till it settled its dues. Lenders including Bank of India, State Bank of India, Central Bank of India, Indian Bank and IDBI Bank wrote to the DGCA in February. The total exposure of Paramount Airways by all the lenders is around `550 crore.
23/05/13 Shutapa Paul & Vishakha Talreja/New Indian Express
