Two Irish SPVs owned by ICBCIL Aviation formally invoked the IDERA mechanism on 9 July 2026, prompting the DGCA to publish deregistration notices for four grounded Boeing 737-8 MAX aircraft leased to SpiceJet on 13 July 2026 [1][2]. The regulator has notified the cancellation of Indian registration marks VT-MAX, VT-MXA, VT-MXB, and VT-MXC, a mandatory prerequisite for exporting the airframes without court intervention under Indian aviation rules [1][3]. This action follows prolonged non-payment of lease rentals, eliminating future rental costs for SpiceJet while further reducing its operational capacity as the airline’s market share has already contracted to 2.5% [1][2][8]. The repossession underscores the efficacy of IDERA in allowing lessors to reclaim assets swiftly from distressed operators, bypassing insolvency moratoriums that previously hindered such recoveries [1][12].