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Apr 01, 2010, 11.24 AM IST
ECC Leasing, a wholly-owned subsidiary of Brazilian aircraft maker Embraer EBA has said that Coimbatore-based Paramount Airways has defaulted payments of two Embraer aircrafts, reports CNBC-TV18.  ECC Leasing, a wholly-owned subsidiary of Brazilian aircraft maker Embraer EBA has said that Coimbatore-based Paramount Airways has defaulted payments of two Embraer aircrafts, reports CNBC-TV18's Swati Khandelwal Jain.The company, sources said, was following a legal process in India to repossess aircrafts from Paramount. “The airlines has been defaulting on payment since 2009,” sources said, adding that the leases have been terminated and ECC is pursuing de-registration at the Directorate General Civil Aviation (DGCA). Sources also inform CNBC-TV18 that arbitration is also in due course in London for payment.
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