From Breakingviews - India’s airline turbulence will be felt abroad
India's Go Airlines, also known as Go First, said on May 15 it needed an emergency arbitration in its dispute with engine maker Pratt & Whitney to be enforced in Delaware to prevent it from going out of business, Reuters reported, citing court filings. Go had first approached a district court in Delaware to enforce an arbitration order made in Singapore in March, which ordered Pratt to assist the airline and to supply spare engines.
The carrier was granted bankruptcy protection on May 10 by a tribunal in New Delhi, which imposed a moratorium on the recovery of planes and other assets. The company blamed Pratt for its financial woes, arguing the U.S. firm supplied “faulty” engines and failed to replace them on time. An Indian bankruptcy tribunal has reserved its judgment on a plea by aircraft lessors including Sumitomo-backed SMBC Aviation Capital to withdraw the moratorium granted to Go Airlines, local news channel CNBC-TV18 reported on May 15. It is likely to deliver its verdict on May 22, the report added.
Global aircraft leasing watchdog Aviation Working Group has put India on a watchlist with a negative outlook, saying it failed to comply with international aircraft repossession norms after Go First was granted bankruptcy protection, Reuters reported on May 12.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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