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India’s Jet Airways Grounded Four Aircrafts For Non-Payment To Lessors

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The problems for the debt-laden Jet Airways seem to intensify as it has been forced to ground four aircraft on account of non-payment of outstanding amount as per lease agreement. The Naresh Goyal-led airline informed the same in a stock exchange filing late night on Thursday.

The company further said that it is “actively engaged with all its aircraft lessors and regularly provides them with updates on efforts undertaken by the company to improve its liquidity. Aircraft lessors have been supportive of the company’s efforts in this regard. The company is making all efforts to minimise disruption to its network due to the above and is proactively informing and re-accommodating its affected guests.”

In a follow-up to an earlier query from the BSE, the carrier notes that three aircraft previously grounded for “engine normalisation” have returned to service, but four others are “grounded due to non-payment of amounts outstanding to lessors”. The airline said that the cancellation of a few of its flights is of a temporary nature and not related to the ongoing financial crisis.

The airline did not identify which of the 121 aircraft in its fleet have been grounded. Flight Fleets Analyzer shows that the majority of its fleet it leased, with GECAS, Aircastle and BOC Aviation among the most exposed lessors.

It is also unclear if the grounded jets will be voluntarily returned to lessors, or if they are subject to repossession orders.

According to reports, the airline on January 30 had faced some disruptions and cancellations of flight as the Irish-American commercial aviation financing and leasing company GE Capital Aviation Services (GECAS), had grounded six aircraft for non-payment of dues.

In a BSE filing, the airline had clarified that its operations were due to a scheduled termination of an aircraft lease and for carrying out an engine normalisation exercise. The airline said that the cancellation of a few of its flights is of a temporary nature and not related to the ongoing financial crisis.

Reuters last month reported that lessors were considering taking back planes after a meeting with the airline that one source familiar with the matter described as an ill-tempered showdown.

 

Source : REUTERS

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