New Delhi: Mauritius-based company Veling Ltd said Kingfisher Airlines Ltd (KAL) owes it $20 million.
Veling terminated aircraft lease deal with KAL when the later had breached the terms of both leases and defaulted in paying the lease rentals and maintenance reserves of the two ATR aircraft.
In a reply to dna's report, 'Did Kingfisher money disappear in Cayman & Mauritius?' dated February 17, 2015, Mauritius based airline leasing firm Veling (Mauritius) Ltd said the lease transactions between Veling (Mauritius) and KAL were arms length transactions in the ordinary course of business. Veling had re-possessed the aircraft with great difficulty after terminating the leases.
Veling Narain (Mauritius) Ltd has already secured judgments against KAL from courts in the United Kingdom in respective of the outstanding dues. "Thus it is clear that the insinuations of collusion between Veling (Mauritius) Ltd & KAL are obviously imaginary & without a grain of truth," the company said.
25/02/15 Sai Manish/Daily News & Analysis
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Veling terminated aircraft lease deal with KAL when the later had breached the terms of both leases and defaulted in paying the lease rentals and maintenance reserves of the two ATR aircraft.
In a reply to dna's report, 'Did Kingfisher money disappear in Cayman & Mauritius?' dated February 17, 2015, Mauritius based airline leasing firm Veling (Mauritius) Ltd said the lease transactions between Veling (Mauritius) and KAL were arms length transactions in the ordinary course of business. Veling had re-possessed the aircraft with great difficulty after terminating the leases.
Veling Narain (Mauritius) Ltd has already secured judgments against KAL from courts in the United Kingdom in respective of the outstanding dues. "Thus it is clear that the insinuations of collusion between Veling (Mauritius) Ltd & KAL are obviously imaginary & without a grain of truth," the company said.
25/02/15 Sai Manish/Daily News & Analysis
