Days after the government exempted aircraft objects from the ambit of insolvency law moratorium, the Ministry of Civil Aviation on Friday said it is committed to keep lessors' confidence in the country's aviation market "intact" by reducing their risks.
The exemption made under the Insolvency and Bankruptcy Code (IBC) came against the backdrop of various aircraft lessors launching legal battles to repossess planes leased to the grounded Go First, which stopped flying since early May, and is undergoing an insolvency resolution process under the IBC.
On October 3, the corporate affairs ministry, through a notification, exempted aircraft objects registered in the international registry from the applicability of the moratorium under the IBC.
In a statement on Friday, the civil aviation ministry said the notification was in consonance with the treaties and conventions India is party of with regards to civil aviation.
India is already a signatory of The Convention on International Interests in Mobile Equipment (Cape Town Convention), where the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment were adopted.
The adoption was done under the joint auspices of International Civil Aviation Organization (ICAO) and the International Institute for the Unification of Private Law concluded at Cape Town on November 16, 2001.
The notification is also in compliance with the other convention that India is signatory of, the Convention and the Protocol from the International Institute for the Unification of Private Law.
07/10/2023 PTI/Zee Business
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