The timing of the RBI’s decision to tweak FEMA guidelines by allowing export of leased aircraft in complete or knocked down condition has raised a few eyebrows in aviation circles. Of course, there are many positives for the industry as a whole because of the change in norms. But this also comes at a time when one bankrupt airline is in the process of being resuscitated. There has been speculation about the close ties of the successful bidder with a murky South African businessman of Indian origin, and the possibility that the bidder may just be a front. But now chatter is that the murky businessman may not be the one pulling the strings in the background. Rather the actual beneficiary may be no stranger to the bankrupt airline. A couple of years back, before the RBI tweak to the FEMA guidelines, some of the leased aircraft of this airline had their key parts dismantled and sold, ostensibly to keep the rest of fleet in the air, according to media reports. The revival plan means that the new owner will have to enter into a one-time settlement with the lenders, to regain ownership of the aircraft and get the business running, or flying, again. And the other chatter doing the rounds is that--to use a common phrase relating to valuation of businesses—the sum of the parts may be greater than the whole, now that it is legally allowed!