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View Full Version : What's happening with Paramount Airways?

akerosid
11th Dec 2009, 18:43
GECAS "pursuing legal remedies" against India's Paramount (http://www.flightglobal.com/articles/2009/12/11/336078/gecas-pursuing-legal-remedies-against-indias-paramount.html)

According to Flight, GECAS has been in dispute with Paramount over its lease payments, as a result of which the airline was temporarily grounded last week (ops resumed on the 8th). GECAS is continuing its action against the airline in the Delhi High Court, saying that it "vigorously" disputes Paramount's version of events.

JetPhotos.Net Photo » VT-PAB (CN: 17000005) Paramount Airways Embraer 170-100SL by John Fitzpatrick (http://www.jetphotos.net/viewphoto.php?id=5695206)
newcfo
25th Dec 2009, 05:16
The Co paramount is in deep financial crisis , it has piled up dues to various vendors apart from the airport authority .The hotel that caters to the airline " Taj " fligh kitchen was not paid for several months , they filed a winding up petetion ( to cose the Co. as per indian law) , once this was done a scared Paramount agreed to settle .several flights now go with tetra pack juice and sandwiches instead of gourmet meals as advertised !!
All s not well and the end is in sight:{
newcfo
7th Feb 2010, 08:53
The one reason behind Bank of India's NPA woes - Moneycontrol.com - (http://www.moneycontrol.com/news/business/the-one-reason-behind-bankindias-npa-woes_439541.html)

this aorline is reported to be owing Rs 300 Crores (3 billion India Rupiahs )to various state owned banks .They have not paid interest on them as per Indian regulation this becomes a NPA and the airlines account operation with banks will come to a sqweeking halt any time now :ugh:
Sky Dancer
7th Feb 2010, 15:54
Surprise , surprise , Thyagarajan and his team of creative accountants have declared a profit...wonder what they think us to be ..a bunch of idiots like him ?:ok:
jimmygill
7th Feb 2010, 23:37
Surprise , surprise , Thyagarajan and his team of creative accountants have declared a profit...wonder what they think us to be ..a bunch of idiots like him ?


They may be in profit, but yet in a financial mess at the same time. As per the data reported to DGCA they had one of the best load factors in the industry.