Spare the taxpayer

Use the IBC process for Air India

The government’s failed attempt to privatise the airline it owns, Air India (AI), is already bearing bitter fruit. The airline is behind on its payments to several of its creditors. These include both banks that extended loans as well as corporate entities that leased aircraft, including top-of-the-line Dreamliners. Debts have been piling up for at least two months in both cases. The aircraft lessors have declared that an “event of default” has occurred, which may mean that they begin proceedings to take back the aircraft; this would leave AI with a giant hole in its schedule and place it in