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German bank sues DGCA over Kingfisher Airlines planes

Last Updated: Saturday, December 22, 2012 - 00:33

Zeebiz Bureau

New Delhi: German bank DVB SE has sued Directorate General of Civil Aviation (DGCA) and Kingfisher Airlines for deregistering two planes it financed in the cash-strapped carrier.

According to reports in Reuters, the case underlines the problems that leasing firms and financing companies face in recovering grounded planes from Kingfisher, as airports, banks and tax authorities scramble for the crisis-hit carrier's assets.

The Indian aviation regulator must deregister the DVB-financed Airbus planes, now parked in Istanbul, before the bank can put them to use or lease them out, reports said.

"We have now filed a writ petition at the High Court in Delhi against DGCA and also Kingfisher, strictly focused on deregistration," the news agency quoted Carsten Gerlach, senior vice president of aviation finance at DVB.

First Published: Saturday, December 22, 2012 - 00:33
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