India put on aircraft leasing watchlist
UK based aviation leasing watchdog Aviation Working Group has put India on a watchlist.
It cautions aircraft lessors, giving the country a negative outlook.
It says India violated global aircraft repossession practices in blocking lessors’ applications to take back aircraft.
This was done to protect struggling LCC Go First which was granted airline bankruptcy protection.
It means the aircraft cannot be repossessed as protected assets.
AWG’s negative outlook comes under the Cape Town Convention and is reduced from 3.5 to 3.
India’s decision sets a worrying precedent.
“The Go First insolvency proceedings are a material development that implicates Cape Town Convention compliance in India,” AWG said.
India’s move could affect lessors’ confidence in the market and push up leasing costs, it says.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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