New Delhi: The Directorate General of Civil Aviation (DGCA) on Thursday canceled the registration of two Boeing 737 aircraft taken on lease. spicejet Under the provisions of Irreversible Deregistration and Export Requisition Authority (IDERA).
The latest request was made by two Dublin-based lessees, Wilmington Trust SP Services and Aircastle (Ireland), under IDERA, which provides for an aircraft owner to de-register an aircraft in the name of a third party, such as In case of default. lease rent.
A SpiceJet spokesperson, without giving the number of aircraft in its fleet and the number of aircraft currently in operation, said the de-registration of the two aircraft “will not impact” its operations.
“While one of (these two) aircraft is grounded for a long period and was to be returned earlier, the other is being returned due to some engine issues. Both the aircraft are being returned in the most efficient manner as agreed.”
IDERA requires aviation regulators to de-register aircraft in the name of third parties within five days in cases such as default of lease rental.
DGCA checks with various authorities whether there are any tax dues on the aircraft within the given time frame. The idea is to ensure that aircraft lessors do not face problems in taking back planes from defaulting on lease rentals or inactive airlines. Last year, SpiceJet had withdrawn at least six aircraft from ground clearance under IDERA.
The low-cost carrier ordered 155 Boeing 737 Max in 2017 with an option for 50 more. It had 13 B737 MAXs when the type was grounded globally in March 2019.
While the aircraft was slated to start flying in India and most other countries by the end of 2021, Boeing has not delivered a single new Max to SpiceJet in the last four years. Airlines take aircraft on lease to meet their needs.
Last month, when SpiceJet’s largest lessor – Carlyle Aviation Partners – decided to convert the airline’s $100 million dues into equity shares and compulsorily convertible debentures (CCDs), the airline said it was ready to do so. negotiating with unpaid lessees.
“As a part of the ongoing restructuring with the aircraft lessors Carlyle Aviation Partner (or its affiliated entities) and other aircraft lessors, all of these CCDs will be transferred to those aircraft lessors, for an aggregate amount equal to the total nominal Agree to exchange your lease liabilities. The company said on February 27, 2023, the value of such CCDs as per the relevant provisions of applicable laws and receipt of applicable regulatory approvals.
Carlyle will pick up over 7.5% stake in SpiceJet.
Additionally, a part of the outstanding amount will be converted into CCD of SpiceXpress at an estimated future valuation of $1.5 billion (Rs 12,422 crore), the airline had said then.
The latest request was made by two Dublin-based lessees, Wilmington Trust SP Services and Aircastle (Ireland), under IDERA, which provides for an aircraft owner to de-register an aircraft in the name of a third party, such as In case of default. lease rent.
A SpiceJet spokesperson, without giving the number of aircraft in its fleet and the number of aircraft currently in operation, said the de-registration of the two aircraft “will not impact” its operations.
“While one of (these two) aircraft is grounded for a long period and was to be returned earlier, the other is being returned due to some engine issues. Both the aircraft are being returned in the most efficient manner as agreed.”
IDERA requires aviation regulators to de-register aircraft in the name of third parties within five days in cases such as default of lease rental.
DGCA checks with various authorities whether there are any tax dues on the aircraft within the given time frame. The idea is to ensure that aircraft lessors do not face problems in taking back planes from defaulting on lease rentals or inactive airlines. Last year, SpiceJet had withdrawn at least six aircraft from ground clearance under IDERA.
The low-cost carrier ordered 155 Boeing 737 Max in 2017 with an option for 50 more. It had 13 B737 MAXs when the type was grounded globally in March 2019.
While the aircraft was slated to start flying in India and most other countries by the end of 2021, Boeing has not delivered a single new Max to SpiceJet in the last four years. Airlines take aircraft on lease to meet their needs.
Last month, when SpiceJet’s largest lessor – Carlyle Aviation Partners – decided to convert the airline’s $100 million dues into equity shares and compulsorily convertible debentures (CCDs), the airline said it was ready to do so. negotiating with unpaid lessees.
“As a part of the ongoing restructuring with the aircraft lessors Carlyle Aviation Partner (or its affiliated entities) and other aircraft lessors, all of these CCDs will be transferred to those aircraft lessors, for an aggregate amount equal to the total nominal Agree to exchange your lease liabilities. The company said on February 27, 2023, the value of such CCDs as per the relevant provisions of applicable laws and receipt of applicable regulatory approvals.
Carlyle will pick up over 7.5% stake in SpiceJet.
Additionally, a part of the outstanding amount will be converted into CCD of SpiceXpress at an estimated future valuation of $1.5 billion (Rs 12,422 crore), the airline had said then.
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