The counsel has informed Kuala Lumpur High Court that agreement has been signed with Peregrine Aviation Charlie Limited and it has also withdrawn its plea, therefore order should be given for release of the seized plane over the payment issue.
KARACHI: (UrduPoint/Pakistan Point News-Jan 27th, 2021) Pakistani airline held earlier by Malaysian authorities released the national flag carrier, A PIA Spokesperson said on Wednesday.
The Spokesperson said that the national airline successfully signed the agreement with the leasing firm for an out-of-court settlement upon which the court ordered the relevant authorities to release the plane.
“We are sending staff to Malaysia to bring the airline plane back to the country,” said the Spokesperson, adding that the flight would be run as a commercial flight.
Boeing 777 aircraft was seized by the Malaysian authorities on January 15 after a UK court accepted the plea of Peregrine Aviation Charlie Limited to keep it grounded pending the outcome of a $14 million lease dispute with PIA.
Pakistani authorities filed the plea that they had reached amicable settlement deal with the petitioner party on which the Kuala Lumpur High Court ordered the immediate release of the plane.
Kwan Will Sen was representing Pakistan as a counsel before the Malaysian court.
He pleaded: “Peregrine has signed to withdraw its suit against PIAC (Pakistan International Airline Corp) and for the injunction orders to be set aside,”.
By this deal, the two Boeing aircraft operated by PIAC be released with immediate effect.
The two jets were leased to PIA by Dublin-based AerCap , the world’s largest aircraft lessor, in 2015. They are part of a portfolio that AerCap sold to Peregrine Aviation Co Ltd, an investment unit of NCB Capital, the brokerage arm of National Commercial Bank SJSC, in 2018.
Previously, PIA had told London High Court that Peregrine Aviation Charlie Limited was paid around $7 million (Rs1.124 billion) regarding two jets leased to it by the company.
The counsels of both sides had sought an adjournment, hoping that the full amount would be paid through an agreement without the court issuing any order against the PIA.
The seizure of the national airline brought bad name to PIA and Pakistan at local and international level. The Opposition strongly criticized the PTI government for the matter and termed it as “failure” of the government.
