New Delhi: In a bid to align with the Cape Town Convention and the Aviation Protocol, the government has decided to introduce necessary provisions soon in the Aircraft Rules and allow global leasing companies such as GECAS and ILFC to reclaim leased aircraft from defaulting Indian carriers.
The decision assumes significance in the light of lessors such as BOC Aviation of Singapore and Dublin-based AWAS asking the aviation regulator to de-register their aircraft from crisis-ridden SpiceJet. This demand came in the wake of the Marans-led SpiceJet defaulting on monthly lease rentals that totalled about Rs 700 crore.
“We will introduce the necessary provision in Aircraft Rules ensuring legislative backing to the Cape Town Convention which would allow lessors take back their aircraft within five working days from the date of filing application for de-registration,” official sources told Financial Chronicle.
09/02/15 Nirbhay Kumar/mydigitalfc.com
To Read the News in full at Source, Click the Headline
The decision assumes significance in the light of lessors such as BOC Aviation of Singapore and Dublin-based AWAS asking the aviation regulator to de-register their aircraft from crisis-ridden SpiceJet. This demand came in the wake of the Marans-led SpiceJet defaulting on monthly lease rentals that totalled about Rs 700 crore.
“We will introduce the necessary provision in Aircraft Rules ensuring legislative backing to the Cape Town Convention which would allow lessors take back their aircraft within five working days from the date of filing application for de-registration,” official sources told Financial Chronicle.
09/02/15 Nirbhay Kumar/mydigitalfc.com
