![]() The V-22 first flew in 1989 and began flight testing and design alterations the complexity and difficulties of being the first tiltrotor for military service led to many years of development. The Bell Boeing team jointly produces the aircraft. A partnership between Bell Helicopter and Boeing Helicopters was awarded a development contract in 1983 for the V-22 tiltrotor aircraft. The United States Department of Defense (DoD) initiated a program to develop an innovative transport aircraft with long-range, high-speed, and vertical-takeoff capabilities, and the Joint-service Vertical take-off/landing Experimental (JVX) program officially commenced in 1981. In 1980, the failure of Operation Eagle Claw (during the Iran hostage crisis) underscored that there were military roles for which neither conventional helicopters nor fixed-wing transport aircraft were well-suited. It is designed to combine the functionality of a conventional helicopter with the long-range, high-speed cruise performance of a turboprop aircraft. firm says the claim is without merit.The Bell Boeing V-22 Osprey is an American multi-mission, tiltrotor military aircraft with both vertical takeoff and landing ( VTOL) and short takeoff and landing ( STOL) capabilities. Go First blamed its financial troubles on the grounding of half its fleet of 54 Airbus A320neo aircraft, due to "faulty" engines supplied by Pratt & Whitney (RTX.N). In a statement on Friday, SpiceJet said it had " no plans whatsoever to file for insolvency". The bankruptcy court has yet to decide on the matter. This week, SMBC asked India's aviation watchdog to allow it to repossess three planes for payment defaults. ![]() In recent days, Ireland-based aircraft lessor Aircastle sought to initiate bankruptcy proceedings against SpiceJet for unpaid dues. ![]() The Go First bankruptcy decision also fuelled nervousness among the lessors of financially-troubled SpiceJet, with many wanting to pull out planes for fear that situation, too, could turn sour, said the same two people involved in such talks. One leasing industry source said risk premiums would rise for the Indian market "regardless of how strong" the airline was, but stopped short of naming Air India or IndiGo.īoth airlines did not immediately respond to a request for comment. The situation could also boost risk premiums for IndiGo, which has ordered hundreds of jets and Air India, which has kicked off financing for its 470-plane order worth tens of billions of dollars by seeking proposals from leasing companies. Such rents are, in most cases, already higher than in some other countries following the departure of Jet and Kingfisher, said the sources, who spoke on condition of anonymity. ![]() The moratorium on the Go First planes will also weigh on new deals, forcing domestic carriers to shell out higher deposits for leased planes, or higher monthly rents, an adviser to a global lessor and an aircraft leasing industry source said. New airports are springing up rapidly nationwide, and airlines such as IndiGo (INGL.NS) and Tata Group's Air India are expanding aggressively with new, record plane orders. The lessors' anger comes as Prime Minister Narendra Modi touts India's emergence as an aviation powerhouse. Go First and SMBC, which also called the Indian airline's insolvency filing a "smokescreen" to defraud creditors and lessors, did not respond to a request for comment. India is a critical market for lessors, in which sale-and-leaseback deals accounted for 75% of plane deliveries from 2018 to 2022, compared with a global average of 35%, data from aviation analytics firm Cirium shows. "The admission of the petition (seeking protection) will further shake confidence of the international aviation industry," it added in a filing to the tribunal that has not been made public but was reviewed by Reuters. "Lessors and international aircraft owners see India as a risky jurisdiction for aircraft leasing," after the failures of Jet and Kingfisher, SMBC told the tribunal ahead of a hearing on Friday where it seeks to quash Go First's bankruptcy protection. SMBC, along with firms such as Jackson Square Aviation and Bank of China Aviation, raised the alarm after a tribunal gave Go Airlines (India) Ltd bankruptcy protection to allow it to revive itself, but barred lessors from repossessing planes.Ī boom in traffic in the world's third-biggest aviation market prompted record jet orders but two major airline failures, of Kingfisher Airlines in 2012 and Jet Airways in 2019, have taken some of the shine off the market. ![]() NEW DELHI, May 11 (Reuters) - The world's second largest aircraft lessor, SMBC Aviation Capital, has warned that India's decision to block leasing firms from reclaiming Go First planes will jolt the market and spark a confidence crisis, legal papers show. ![]()
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