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Aircraft lessors to get protection from defaulting airlines

The Directorate General of Civil Aviation is sitting on a new set of rules that will permit lessors of aircraft to impound aircraft of airlines defaulting on rentals due to them, provided the airline owns no debts to state-owned bodies or the lessor agrees to clear the debts of the airline.

The new DGCA rules are expected to bring down the aircraft lease rentals for the Indian airliners.  Rentals

had touched the ceiling after Kingfisher airlines was grounded.  The consequent payment disputes between airliners and lessors prevented the latter from taking their planes out of the country. Aircraft lessors had hit back by raising their leasing rates for the Indian market and seeking higher security deposits from the Indian airliners.

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