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IndiGo to purchase jet engines worth $20bn from CFM. SBI files insolvency plea against Jet Airways.
Engines for Sale: India’s largest domestic airline, IndiGo, has placed a $20bn order for aircraft engines from CFM International. The engines are for the 280 Airbus A320neo and A321neo planes that it operates.
IndiGo previously faced many issues with the Pratt & Whitney (P&W) engines fitted in Airbus’ A320neo planes (Indigo recently ordered 430 of these planes). These glitches resulted in the grounding of many of the airline’s jets and disrupted operations.
While this deal is a blow to P&W, it strengthens CFM’s presence in India, where Vistara and Air India already use its engines.
Courting the Court: After failing to finalise a revival plan even after five months, Jet Airways’ top lenders, including SBI, are taking the debt-laden airline to bankruptcy courts.
The lenders are approaching the National Company Law Tribunal seeking resolution under the Insolvency and Bankruptcy Code. The tribunal will reportedly hear the lenders’ plea on 19 June.