Irish aviation leasing firm to be wound up over alleged non-payment of multi-million dollar loan

A High Court judge has ordered the winding up an Irish aviation leasing consulting company over the alleged non-payment of a multi-million dollar loan owed in relation to the purchase of a luxury jet which the court heard was later used by former Indian Premier League boss Lalit Modi to fly around that country.

The 13-seater Bombardier Challenger 300 was purchased with a loan facility of more than US$15m 11 years ago, the High Court heard and has been kept at a warehouse at Biggin Hill Airport outside London for the last nine years.