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  • Draft Protection and Enforcement of Interests in Aircraft Objects Bill, 2022

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    The Ministry of Civil Aviation has proposed a new law called the Protection and Enforcement of Interests in Aircraft Objects Bill, 2022. This law will help international aircraft leasing companies repossess planes from Indian airlines in financial disputes, as some airlines have refused planes on rent. The bill aims to implement provisions from a 2001 convention on interests in mobile equipment like aircraft, which India joined in 2008. The new law is needed because some current Indian laws conflict with the convention.

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    The Ministry of Civil Aviation has proposed a new law called the Protection and Enforcement of Interests in Aircraft Objects Bill, 2022. This law will help international aircraft leasing companies repossess planes from Indian airlines in financial disputes, as some airlines have refused planes on rent. The bill aims to implement provisions from a 2001 convention on interests in mobile equipment like aircraft, which India joined in 2008. The new law is needed because some current Indian laws conflict with the convention.

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    27 views3 pages

    Draft Protection and Enforcement of Interests in Aircraft Objects Bill, 2022

    Uploaded by

    Mega No01
    The Ministry of Civil Aviation has proposed a new law called the Protection and Enforcement of Interests in Aircraft Objects Bill, 2022. This law will help international aircraft leasing companies repossess planes from Indian airlines in financial disputes, as some airlines have refused planes on rent. The bill aims to implement provisions from a 2001 convention on interests in mobile equipment like aircraft, which India joined in 2008. The new law is needed because some current Indian laws conflict with the convention.

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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


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