Lease dispute: Malaysian court releases 'impounded' PIA plane

(Karachi) A Pakistan International Airlines (PIA) Boeing 777 plane which was held back by the Malaysian authorities due to a British court case over the jet's lease has been released, local media reported on Wednesday.

The case involved a $14 million lease dispute.

As per details, Kuala Lumpur High Court judicial commissioner Atan Mustaffa Yussof Ahmad ordered the release of the aircraft after the national flag carrier and Malaysian authorities reached an amicable settlement to the dispute.

Plaintiff in the case Peregrine Aviation Charlie Ltd has agreed to withdraw its suit against Pakistan International Airlines Corp.

The Malaysian court's order will result in release of the two Boeing aircraft operated by PIAC. The two jets were leased to PIA by Dublin-based AerCap, the worlds largest aircraft lessor, in 2015.

On January 16, a PIA aircraft was held back by a local court in Malaysia taking a one-sided decision pertaining to a legal dispute between PIA and another party pending in a UK court.

According to orders passed by the Kuala Lumpur High Court, the plaintiff of the case is Peregrine Aviation Charlie Limited and the matter pertains to two jets leased to PIA by Dublin-based AerCap, the world's largest aircraft lessor, in 2015.

They are part of a portfolio that AerCap sold to Peregrine Aviation Co Ltd, an investment unit of NCB Capital, the brokerage arm of National Commercial Bank SJSC, in 2018. As per the interim injunction, PIA was restrained from moving two aircraft in its fleet - a Boeing 777- 200ER with serial number 32716 and a Boeing 777- 200ER with serial number 32717 - once they have landed or parked at Kuala Lumpur International Airport.