The civil aviation regulatory body, Directorate General of Civil Aviation, has received a request from aircraft lessors to initiate the process of deregistering and exporting 20 aircraft. According to the Irrevocable De-registration and Export Request Authorizations (IDERA) guidelines, the regulatory body must de-register the aircraft within five days of a third party’s name being listed, in situations where there is a default of lease rentals.

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Dublin-based lessors, such as Narmada Aviation Leasing, Yamuna Aviation, Banas Aviation, EOS Aviation, JSA Aircraft, SMBC Aviation Capital, GY Aviation, and Pembroke Aviation Leasing, have all submitted requests for de-registration.

The de-registration requests relate to a total of 20 aircraft, comprising 16 Airbus A320neo planes powered by Pratt & Whitney engines and 4 Airbus 320 planes with CFM engines. Among the eight Dublin-based lessors, GY Aviation has submitted the highest number of de-registration requests for 10 aircraft, followed by SMBC Aviation with 4, and the remaining lessors have each requested de-registration for 1 aircraft.

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The airline backed by the Wadia group has voluntarily filed for insolvency at the principal bench of the National Company Law Tribunal on May 2. The airline has also cancelled flights from May 3 to May 9 and has informed regulators that it will not be taking any bookings until May 15.

Due to persistent problems with Pratt & Whitney engines, the Mumbai-based airline has reported losses of nearly ₹10,800 crore over a two-year period, citing additional expenses. Since 2020, the airline has experienced an inactive fleet of 30-50% due to unserviceable engines.