Kuala Lumpur: A Malaysian court on Wednesday ordered the immediate release of a Pakistan International Airlines (PIA) plane that was detained in Southeast Asian countries nearly two weeks ago because the British filed a lawsuit against the lease of the plane.
Malaysian authorities seized the Boeing 777 aircraft on Jan. 15 after a court allowed an application by the plane’s lessor, Peregrine Aviation Charlie Limited, to keep it grounded pending the outcome of a $14 million lease dispute with PIA in a UK court.
The Kuala Lumpur High Court ordered the immediate release of the plane after both sides said they had reached an amicable settlement to the dispute, involving two planes leased to PIA.
It is pertinent to mention here that PIA has paid $7 million to peregrine Aviation Charlie Ltd in the case related to two jets leased to it by Dublin-based AerCap.
The leasing company filed a lawsuit against PIA in the High Court of London in October 2020 because the company failed to pay a lease fee worth approximately $14 million, which has been pending for six months.
In this regard, the national air carrier of Pakistan insists that as the COVID-19 pandemic has seriously affected the aviation industry, indirect costs should be reduced.
At the same time, the leasing company paid close attention to the activities of PIA, and after receiving the information that Flight 895 was scheduled to land in Malaysia, it filed a lawsuit with the local court in accordance with the International Civil Aviation Lease Law, requesting the seizure of the aircraft. Add to.