Netherlands-based aircraft leasing company, AirCap has filed a petition in the Delhi High Court seeking the winding up of Air India. AirCap contends that Air India is unable to repay its debt of approximately Rs. 4.11 crore ($840,000), as rental and other charges for bringing back into operation two Airbus planes.

Mr. Ravi Nath, Partner, Rajinder Narain & Co filed the petition on behalf of the Dutch aircraft leasing company. Mr. Nath told Bar & Bench that Air India was contractually bound to return the aircraft in accordance to the contract. The Delhi High Court has admitted the matter, which is expected to come up for hearing soon. He refused, however, to disclose further details.

Sources inform us that Air India had obtained the airplanes on a dry lease (without any personnel to operate the planes) and had been paying the lease rentals to AirCap regularly. However, they have now ceased paying the lease rentals. The planes are currently at a repair facility in Jordan.  The matter is due to be heard next month.