In its petition, CAF said Peel Aviation was established for the purpose of carrying on the businesses of aviation leasing consultants and leasing advisors on all matters in relation to aviation and related businesses. It said a $15.5 million loan facility had been advanced to Peel Aviation as part funding of its purchase of a One Bombardier Challenger 300 aircraft in 2008. It was claimed the last payment received in relation to the loan was in 2016. The aircraft, it is claimed, is owned by Peel Aviation, is registered with the Indian Aviation Authority and has also been the subject of court proceedings in India. Lease agreementIt is claimed Peel Aviation entered in 2008 into a lease agreement with Golden Wings Pvt Ltd, registered in India, and the import of the aircraft to India was sanctioned.

Source: The Irish Times April 01, 2019 18:11 UTC