Some lessors of India’s Jet Airways have begun terminating lease deals over unpaid dues and are preparing to move the leased planes abroad, escalating a crisis for the carrier, five sources with knowledge of the matter told Reuters.
Two lessors have applied to the Directorate-General of Civil Aviation (DGCA), India’s aviation regulator, to deregister at least five planes leased to cash-strapped Jet, three of the sources said.
Termination of lease agreements normally precedes applications made to the DGCA.
Jet has delayed payments to its pilots, suppliers and lessors for months and defaulted on loans after racking up over $1 billion in debt.
