Possibly. In fact, a peruvian airline was grounded in Chile a few years ago. The chilean judge who signed the order was later found to be related to the owners of a rival airline... Coincidence?

Anyways, the grouding of LanPeru has caused a loud outcry in Peru. There's a very good chance that LanPeru will appeal and be on the air fairly soon. Also, LanPeru has announced that in the meantime it will place passengers with other airlines. If such accommodations cannot be made, fares will be refunded.