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.
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.
