Protection and Enforcement of Interests in Aircraft Objects Bill 2022
On 13th April, 2022, the Ministry of Civil Aviation issued Protection and Enforcement of Interests in Aircraft Objects Bill, 2022.
Need
- India’s reputation in the aircraft leasing industry has taken a hit in the last decade to the point where the country’s airlines had to face higher lease charges, with many regional carriers even refused airplanes for rent.
- Several Indian laws such as the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016 are in conflict with the Cape Town Convention and Protocol.
- Further, International leasing companies also faced challenges in repossessing and exporting aircraft when Jet Airways shut down ....
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