Paramount Airways
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Founded | October 2005 | ||||||
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Ceased operations | August 2010 | ||||||
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Website | www |
Paramount Airways was an
Decline
The airline ceased operations when legal issues arose between Paramount Airways and the lessors of their Embraer aircraft. These events caused a gradual termination of all services as the fleet was grounded and seized by the leasing companies.[3]
In November 2010, it was announced that Paramount Airways had won their legal battle and were set to resume services with a fleet of
The airline planned to restart operations by May 2013 with six ATR-72-600 aircraft,[6] however, six banks that had extended loans to the airline wrote to the Directorate General of Civil Aviation asking the regulator to prevent the airline from restarting operations before it settled its dues.[8]
On 6 May 2016, The CBI has registered a case against promoters of Paramount Airways on allegations of defrauding, diverting loan amount, and cheating public sector banks. Searches were being carried out at seven locations at Chennai and Madurai, including residential and office premises of its promoter Thyagrajan and the company functionaries.[9]
Destinations
Paramount Airways mainly provided services to cities in South India. In 2009. it extended services into eastern India, serving the cities of Kolkata, Guwahati, and Agartala.[citation needed]
Fleet
The Paramount Airways fleet consisted of
Awards and recognition
- Paramount Airways won the "Arch of Europe" Award in the year 2007 in Frankfurt.[11]
- Paramount Airways was awarded the "Award of Excellence" conferred by the Institute of Economic Studies[12]
References
- ^ "Directory: World Airlines". Flight International. 10 April 2007. p. 61.
- ^ First Indian Airline to operate Embraer aircraft
- ^ The Paramount Airways journey in India - Corporate News - livemint.com
- ^ Paramount Airways to take to the skies again
- ^ "Paramount Airways might be revived with lawsuit money". Business Standard. 24 December 2012. Retrieved 2 February 2013.
- ^ a b "Paramount Airways plans to restart by May". The Hindu. 1 February 2013. Retrieved 1 February 2013.
- ^ "CBI registers case against Paramount Airways". The Hindu. 6 May 2016. Retrieved 6 May 2016.
- ^ "Paramount Airways yet to take off". The New Indian Express. 24 May 2013. Archived from the original on 14 August 2014. Retrieved 9 August 2014.
- ^ "CBI registers case against Paramount Airways". The Hindu. 6 May 2016. Retrieved 6 May 2016.
- ^ Paramount Airways commits to 10 Airbus A321 aircraft
- ^ "Paramount Airways". Archived from the original on 22 July 2015. Retrieved 20 July 2015.
- ^ "Paramount Airways receives International Quality Award". Archived from the original on 13 July 2011. Retrieved 5 May 2009.