High Court orders aviation firm winding-up
The High Court has ordered the winding-up an Irish aviation-leasing consulting company over the alleged non-payment of a multimillion-dollar loan linked to the purchase of a luxury jet.
The 13-seater Bombardier Challenger 300 was purchased with a loan facility of more than $15m (€13.3m) 11 years ago and has been kept at a warehouse at Biggin Hill outside London for nine years.
A petition filed by Corporate Aircraft Funding Company (CAF), of Avenue of the Americas, New York, seeks to have Peel Aviation Ltd, with a registered office at Furry Park Road, Dublin 5, wound up.
It is claimed the indebtedness to it was in the sum of over $14m, in principal costs in relation to storage and maintenance. The plane is Peel Aviation's only asset.
Stephen Walsh, for CAF, told the court it appeared the plane is now being kept at an airfield outside London and was used for a time by Lalit Modi, the former head of Indian cricket's Premier League.
It is claimed a $15.5m loan facility had been advanced to Peel Aviation in 2008.
Peel Aviation's obligations under the loan agreement were to be secured by way of a mortgage over its interest in the aircraft and engines.
It was claimed the last payment received in relation to the loan was in 2016.
The aircraft, it is claimed, is registered with the Indian Aviation Authority and it has also been the subject of court proceedings in India.
Yesterday in the High Court Ms Justice Miriam O'Regan granted an order for the winding up of Peel Aviation Ltd but put a stay on the order to allow for an affidavit to be filed by the appointed liquidator, Shane McCarthy of KPMG.