Lawsuit issue was a dispute over payment, with GE Capital Aviation Services and Celestial Aviation Trading.
Paramount Airways, whose operations have been affected by a dispute over leasing of three aircraft, on Thursday offered to pay $5.25 million within six months to the UK-based lessor in the Supreme Court.
Liquor baron Vijay Mallya's Kingfisher Airlines will commence operations during the first quarter of 2005.
Aircraft lease rentals are fixed costs and account for around 15 per cent of an airline's expense and since these are paid in dollars are also subject to currency fluctuations.
'Boeing has returned some cash to the airline which will help it improve the current liquidity crisis.'
The Tata group-owned Air India will induct over 90 aircraft in two years as it looks to widen its footprint and grab a larger market share. The plan includes 56 planes from the mega aircraft order that the airline has now finalised with Airbus and Boeing. These will be in addition to previously announced leases of 36 planes that include Airbus A320Neo, A321Neo, and Boeing 777 aircraft.
The Tata group may have to deploy upwards of $1 billion to improve the airline's passenger reservation system, upgrade and refurbish Air India's fleet, primarily the wide-body aircraft which are the mainstay for the airline's international operations, people in the know said. While the group has not yet decided on how it intends to integrate Air India with its existing airlines AirAsia India and Vistara, sources said the first task will be to refinance Air India's existing loans, upgrade its aircraft gradually, and rewrite multiple business contracts with vendors and suppliers. "They will have to do 100 things to stabilise the airline and will have to put in a lot of money," DIPAM secretary Tuhin Kanta Pandey said, confirming that many aircraft are grounded.
With cash shortage and plans going awry, the AirAsia owner is looking to cash out of the venture he built with Ratan Tata in 2013.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
'This has to be seen in the context not only of the legacy we inherited, but also of global economic weakness.'
'If after inheriting the very bad situation we have reached this level despite consecutive years of drought and no growth in the world economy, it is no accident.' 'It is a result of the sound macro economic policies followed by this government.' 'We have eschewed populism and stuck to a path of fiscal prudence.'
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