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PROTECTION AND ENFORCEMENT OF INTERESTS IN AIRCRAFT OBJECTS BILL

Recently, the Ministry of Civil Aviation released the draft Protection and Enforcement of Interests in Aircraft Objects Bill, 2022. The proposed law provides remedies such as repossession of an aircraft object, its sale or lease, or collection of income from its use as well as de-registration and export of planes.

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PROTECTION AND ENFORCEMENT OF INTERESTS IN AIRCRAFT OBJECTS BILL

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  1. PROTECTIONANDENFORCEMENTOFINTERESTSINAIRCRAFTOBJECTSBILL,2022PROTECTIONANDENFORCEMENTOFINTERESTSINAIRCRAFTOBJECTSBILL,2022 SyllabusSection:GSII(Governance) WhyinNews? • Recently,theMinistryofCivilAviationhasreleasedthedraftProtectionandEnforcementofInterestsinAircraftObjectsBill,2022. • Theproposedlawprovidesremediessuchasrepossessionofanaircraftobject,orits saleorleaseorcollectionofincomefromitsuseaswellasde-registrationand exportofplanes. • Italsosuggestsremediespendingfinaladjudicationofaclaimaswellassafeguardsa creditor'sclaimduringinsolvencyproceedingsagainstitsIndianbuyer. • MoreAbouttheNews: • ThebillwillhelpinternationalaircraftleasingcompaniestorepossessandtransferplanesoutofIndiaincaseofafinancialdisputewithanIndianairlineatatimemanyregional airlineshavebeenrefusedplanesonrent • Theproposedlegislationcomesmorethan14yearsafterIndiaaccededtoCapeTown Convention. • Readmore:MainsAnswerWriting • KeyPointsofDraftLegislation • Purpose: • TheBillimplementstheprovisionsoftheConventiononInternationalInterestsinMobileEquipmentandProtocolonMattersSpecific toAircraftEquipmentwhichwasadoptedataconferenceinCape Townin2001. • Need:

  2. Thedraftlegislationis necessarybecauseseveralIndianlawssuchastheCompaniesAct,2013and theInsolvencyandBankruptcyCode,2016are inconflictwiththeCapeTownConventionandProtocol. • Internationalleasingcompaniesfacedchallengesinrepossessingandexporting aircraft. • TheIndianentitieshavesufferedasinternationalfinancialinstitutionsdemandimplementationlegislation. • CapeTownConventionandProtocol: • >- Itwas theProtocolonMattersSpecific toAircraftEquipment,concludedinCapeTownon16thNovember 2001 • >- TheConventionandtheProtocol, wereadopted underthejointauspicesoftheInternational • CivilAviationOrganisation(!CAO)andtheInternationalInstitutefor theUnification of • PrivateLaw(UNIDROIT). • !CAOis aUnitedNations (UN)specializedagency,establishedin1944, whichlaidthefoundationforthestandards andproceduresforpeacefulglobalairnavigation.India isamember. • >- TheobjectiveoftheProtocol is toresolvetheproblemofobtainingcertainandopposable • rightstohigh-valueaviationassets,namelyairframes,aircraft enginesandhelicopters • which,by theirnature,havenofixedlocation. Readmore:UPSCAnswerWriting EDENIAS(www.edenias.com) -EducationalDevelopment&EnrichmentNetwork ForanyqueriescontactusonWebsite-https://edenias.com/ PhoneNo-9354344200,9310855720,9315227819 Source:The Hindu

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