So, the plane will gather dust till it is no longer useable and the creditor gets zero. Actually, the creditor will now owe the airport, fees for parking for X years since the plane is parked at AMS at the behest of the creditor. In 3 years, the creditor will owe the airport more in fees than the amount Jet owed the creditor. In AMS, the creditor could become a debtor as in this example.
You are right, Amsterdam is not India.
The parking fees will be added tot the bill Jet has to pay. Moreover, the aircraft will be sold by then. However, that procedure will take some time, but will be quicker should Jet actually go bankrupt.
How can they sell an aircraft that they do not own and for which other creditors hold the lien? Obviously, if you own a home in the Netherlands, for which you secured a mortgage from the bank, the cable company can't sell your home because you didn't pay your cable bill.
The aircraft may be notionally owned, but is subject to multiple fixed and floating charges. There is zero equity in it.
However, that doesn't necessarily stop this creditor using seizure to extract payment. For example, if the unpaid debt is for fuel, where else are they going to secure fuel to extract the aircraft?
Often, the airline will pay up, but in this instance, more likely the lender with the first ranking charge over the aircraft will pay to release, as it's loan T&C's will permit such ancillary payments to secure / protect the asset, will also rank first.
Once the debt is settled, the need to move quickly is imperative, in case other creditors emerge.
Now if you are the first ranking creditor, do you get the other fixed charge creditors to agree to take pre-emptive action? Then pay the crew all their outstanding wages to fly to another airport (lower storage costs), leave undamaged, and hand over the plane's logbooks? And finally initiate steps to de-register? Very tempting.