High Court moved to seize Paramount Aircraft
Thread Starter
Join Date: Mar 2009
Location: onboard an A6- enroute to India
Posts: 289
Likes: 0
Received 0 Likes
on
0 Posts
High Court moved to seize Paramount Aircraft
HC moved to seize Paramount aircraft
CHENNAI: ECC Leasing Company Limited in Dublin-2, Ireland, has moved the Madras High Court to appoint an advocate-commissioner to seize, wherever found, its two aircraft leased out to Paramount Airways in Guindy and to remove all obstructions including breaking open any lock that might be put in and avail of police protection, if necessary, to take possession of the aircraft and the equipment documented and hand over the same to its custody.
According to the applicant, it had given in lease two Embraer 170 LR aircraft as per the agreement entered into with Paramount Airways on May 5, 2005, for five years. The Paramount was to pay a monthly rental of US $ 1,85,000. ECC issued a notice of termination on July 31, 2009, to Paramount, as the latter defaulted in paying the rentals.
It also directed Paramount to redeliver the aircraft to the applicant at OGYA in Portugal. However, Paramount made a part payment of US $ 11,09,780 on August 5, 2009, and till date US $ 12,58,085 remained due. Paramount also did not renew the stand-by letter of credit or replenish the deposit in cash of US $ 11,10,000, as required under the lease agreement.
When the matter came up before Justice N Paul Vasanthkumar last week, R Krishnamoorthy, senior counsel for Paramount, sought time to file the counter. He also stated that two months arrears would be paid to ECC on or before September 30.
Recording the submission, the judge adjourned the matter till October 1, with a direction to ECC to receive the said amount without prejudice to the rights of both the parties
HC moved to seize Paramount aircraft
CHENNAI: ECC Leasing Company Limited in Dublin-2, Ireland, has moved the Madras High Court to appoint an advocate-commissioner to seize, wherever found, its two aircraft leased out to Paramount Airways in Guindy and to remove all obstructions including breaking open any lock that might be put in and avail of police protection, if necessary, to take possession of the aircraft and the equipment documented and hand over the same to its custody.
According to the applicant, it had given in lease two Embraer 170 LR aircraft as per the agreement entered into with Paramount Airways on May 5, 2005, for five years. The Paramount was to pay a monthly rental of US $ 1,85,000. ECC issued a notice of termination on July 31, 2009, to Paramount, as the latter defaulted in paying the rentals.
It also directed Paramount to redeliver the aircraft to the applicant at OGYA in Portugal. However, Paramount made a part payment of US $ 11,09,780 on August 5, 2009, and till date US $ 12,58,085 remained due. Paramount also did not renew the stand-by letter of credit or replenish the deposit in cash of US $ 11,10,000, as required under the lease agreement.
When the matter came up before Justice N Paul Vasanthkumar last week, R Krishnamoorthy, senior counsel for Paramount, sought time to file the counter. He also stated that two months arrears would be paid to ECC on or before September 30.
Recording the submission, the judge adjourned the matter till October 1, with a direction to ECC to receive the said amount without prejudice to the rights of both the parties
HC moved to seize Paramount aircraft
Join Date: Dec 2006
Location: earth
Posts: 266
Likes: 0
Received 0 Likes
on
0 Posts
perhaps Paramount was planning to pay it's dues by holding recruitments and written exams every 3 or 4 months and charging each candidate a nice sum to appear for those exams !!
and ofcourse from that magical 40L figure once a deal is struck with prospective candidate !!
and ofcourse from that magical 40L figure once a deal is struck with prospective candidate !!
UMMMMM
Join Date: Dec 2006
Location: earth
Posts: 266
Likes: 0
Received 0 Likes
on
0 Posts
and here is the one and only Mr.T himself receiving another award in London !
Award for Paramount Airways Special Correspondent CHENNAI: Paramount Airways has received the “Global Emerging Commercial Company of the Year” award for 2009 from Frost & Sullivan at its Excellence in Best Practices awards ceremony, a press release issued by Paramount Airways said.
Presenting the award in London to the Chennai-based company, Joe Nivas, director of Best Practices, Frost and Sullivan, said, “Paramount Airways has redefined the air travel in India with its unique business model and has bucked the economic downturn with more innovative product offerings.”
M. Thiagarajan, managing director, Paramount Airways, said it was delighted to receive the award as it showed the company’s commitment in making a mark on the global map.
“We are currently entering into an exciting stage of growth in the company where we would soon like to extend our services to the global traveller,” he added.
The Hindu : Tamil Nadu / Chennai News : Award for Paramount Airways
Award for Paramount Airways Special Correspondent CHENNAI: Paramount Airways has received the “Global Emerging Commercial Company of the Year” award for 2009 from Frost & Sullivan at its Excellence in Best Practices awards ceremony, a press release issued by Paramount Airways said.
Presenting the award in London to the Chennai-based company, Joe Nivas, director of Best Practices, Frost and Sullivan, said, “Paramount Airways has redefined the air travel in India with its unique business model and has bucked the economic downturn with more innovative product offerings.”
M. Thiagarajan, managing director, Paramount Airways, said it was delighted to receive the award as it showed the company’s commitment in making a mark on the global map.
“We are currently entering into an exciting stage of growth in the company where we would soon like to extend our services to the global traveller,” he added.
The Hindu : Tamil Nadu / Chennai News : Award for Paramount Airways
Join Date: Jul 2009
Location: Somewhere over the Rainbow
Posts: 735
Likes: 0
Received 0 Likes
on
0 Posts
My Mentor
In his acceptance speech M. Thiagarajan thanked the following for all the mentoring and guidance they have given him in running this business
Harshad Mehta
Ramlingam Raju
Ketan Parekh
Amar Singh
Disclaimer
Above is in jest and not a fact to the best of my knowledge.
If you can read the above you should have also read all the disclaimers in your contract and have 20/20.
Harshad Mehta
Ramlingam Raju
Ketan Parekh
Amar Singh
Disclaimer
Above is in jest and not a fact to the best of my knowledge.
If you can read the above you should have also read all the disclaimers in your contract and have 20/20.
Join Date: Jul 2009
Location: Somewhere over the Rainbow
Posts: 735
Likes: 0
Received 0 Likes
on
0 Posts
Captain AAM ADMI
Wanted to add Gopi, but considering he got away scott free and is still considered a mascot did not want to tweet any of the holy cows into gunning for me.
To me he still stands tall as the freebie one time wonder guy!
All previous disclaimers stand!
To me he still stands tall as the freebie one time wonder guy!
All previous disclaimers stand!
