Malaysian authorities have released Pakistan International Airlines (PIA) plane on court orders after it was confiscated over lease payment dispute.
As per details, a PIA Boeing 777 aircraft has been released by Malaysian authorities on court orders after being detained for 12 days over PIA’s failure to ensure timely lease payments.
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The plane has been released after Peregrine Aviation Charlie Ltd agreed to withdraw its legal complaint against PIA as the latter has already paid US$ 7 million to the former.
The aircraft was seized on January 15th at Kuala Lumpur Airport on court orders earlier this month.
PIA had leased the aircraft from Dublin-based AerCap back in 2015. However, the national carrier defaulted in lease payments due to significant reduction in its earning due to COVID-19 pandemic and resulting travel restrictions.
