Pakistan International Airlines (PIA) is ready to take off its plane, which was hijacked by Malaysian authorities on the orders of a British court after reaching an agreement with leasing company AerCap.
The developments came a day after it was reported on Tuesday that the two sides had decided to settle the matter out of court. When the situation developed, the Malaysian court rejected the case.
According to Federal Aviation Minister Ghulam Sarwar Khan, PIA and AerCap have reached an agreement on the PIA plane which was captured on January 15 at Kuala Lumpur Airport.
A PIA spokesman also confirmed the development, saying the airline had dispatched crew from Pakistan to return the plane.
PIA operates two 777-200ERs – MSN 32716 and MSN 32717 – owned by Ireland-based Peregrine Aviation Charlie, which began leasing in 2015.
During a trial at London’s High Court, the London airline claimed that despite paying around $ 7 million, the $ 2 million in maintenance reserves remained controversial.
It is said that the parties entered into a lease agreement for $ 580,000 and $ 315,000 per month for maintenance reserves.
In addition, PIA is of the opinion that maintenance costs should not be collected as aircraft have not been used for six months due to the pandemic, and maintenance reserves should be calculated according to their flight cycle.
However, the rental company claims that the contracts signed by both parties do not contain a pandemic clause, which is why airlines are obliged to pay the amount regardless of the flight cycle.
The trial was adjourned because both parties decided to settle the matter out of court.
The conflict started when Malaysian authorities hijacked a plane operated by 777-200ER PIA in Kuala Lumpur on January 15 following a British court ruling over a dispute over a $ 14 million charter plane.