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DRAFT PROTECTION AND E...
DRAFT PROTECTION AND ENFORCEMENT OF INTERESTS IN
AIRCRAFT OBJECTS BILL, 2022
April 19, 2022
The Ministry of Civil Aviation has proposed a new law that will help international aircraft
leasing companies to repossess and transfer planes out of India in case of a financial
dispute with an Indian airline at a time many regional airlines have been refused planes on
rent.
About:
The Ministry has sought stakeholders’ comments on the draft Protection and Enforcement of Interests in
Aircraft Objects Bill, 2022.
The Bill will implement the provisions of the Convention on International Interests in Mobile Equipment and
Protocol on Matters Specific to Aircraft Equipment which was adopted at a conference in Cape Town in 2001.
India acceded to the two instruments in 2008.
These provide default remedies for the creditor and create a legal regime for disputes.
The draft legislation is necessary because several Indian laws such as the Companies Act, 2013 are in conflict
with the Cape Town Convention and Protocol.
Source : The Hindu
(https://epaper.thehindu.com/Home/ShareArticle?
OrgId=G7O9NJ1R9.1&imageview=0&utm_source=epaper&utm_medium=sharearticle)
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