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China's ICBC seeks DGCA deregistration of four SpiceJet Boeing 737 MAX 8s over engine issues
Industrial and Commercial Bank of China has filed deregistration requests with India's DGCA for four Boeing 737 MAX 8s leased to SpiceJet that have been grounded due to engine problems.
The gist
China’s ICBC moves to deregister four grounded SpiceJet 737 MAX 8s to recover leased aircraft amid ongoing operational fleet adjustments.
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Industrial and Commercial Bank of China (ICBC), the world's largest bank, has initiated regulatory action with India's Directorate General of Civil Aviation (DGCA) to deregister four Boeing 737 MAX 8 aircraft leased to SpiceJet. On July 9, 2026, ICBC submitted Irrevocable De-Registration and Export Request Authorization (IDERA) documents for these planes, effectively seeking their removal from the Indian civil aircraft registry. This move allows ICBC to recover possession of the jets and relocate them outside India.
The deregistration filings were made through lessor companies SKY HIGH LXXVIII and SKY HIGH LXXX, both of which are subsidiaries of ICBC and based in Dublin, Republic of Ireland. The four aircraft in question—registered VT-MXA, VT-MXB, VT-MXC, and VT-MAX—have been grounded for considerable periods due to technical difficulties related to high-pressure turbine issues in their engines. This maintenance challenge has resulted in the planes being out of operational service since 2024 or 2025, according to records from Planespotters.net.
SpiceJet clarified that these aircraft are not currently part of its operating fleet. A company spokesperson stated that deregistering these assets would relieve SpiceJet from the continuing lease rental obligations tied to jets that have remained idle for an extended duration. The spokeswoman emphasized that the deregistration would have no impact on the airline's day-to-day operations, as these aircraft have not been active in the fleet for some time.
The Boeing 737 MAX 8s involved are relatively young, all just under eight years old. Nonetheless, their prolonged suspension from service due to recurring engine problems represents a significant setback. The airline's decision aligns with financial prudence, aiming to eliminate ongoing leasing expenses associated with non-operational aircraft and streamline fleet management.
Earlier in 2026, SpiceJet's Chairman and Managing Director Ajay Singh highlighted gradual improvements in the airline's core business amid challenging market conditions. He noted rising revenues, improving yields, and sharply reduced losses as indicators that strategic changes were delivering tangible results. Singh referenced a careful and calibrated fleet expansion plan targeting 55-60 aircraft in the upcoming winter schedule.
This growth strategy includes a mix of wet and damp leases combined with reactivating previously grounded jets. However, the deregistration of these four ICBC-leased 737 MAX 8s marks a contrasting dynamic of trimming idle assets that hamper financial efficiency. It reflects the complexities facing SpiceJet as it balances operational recovery and asset optimization in a highly competitive Indian aviation sector.
The lease arrangements managed by ICBC via Irish-based companies underscore the layered nature of aircraft ownership and financing in the global aviation industry. Leasing remains a key method for airlines to access modern fleet capacity without direct capital outlay, but challenges like technical issues and market dynamics frequently lead to adjustments such as asset repossession or deregistration.
Removal of the four jets from India’s registry and their subsequent repositioning will likely involve ICBC seeking new avenues for asset utilization or remarketing. How these aircraft reintegrate into the wider market or undergo refurbishment could depend on resolving the engineering issues that sidelined them. Meanwhile, SpiceJet continues focusing on leveraging its currently active fleet to stabilize and grow its network amid ongoing market headwinds.
Frequently asked questions
- Why is ICBC seeking deregistration of the four Boeing 737 MAX 8 jets leased to SpiceJet?
- ICBC is requesting deregistration to repossess the aircraft after they remained out of service for an extended period due to high-pressure turbine engine issues, eliminating lease costs on non-operational jets.
- Are these four Boeing 737 MAX 8 aircraft still active in SpiceJet's fleet?
- No, the four aircraft have been grounded since 2024 or 2025 and are not part of SpiceJet's current operational fleet.
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