The Indian government on Thursday got out an official Gazette, which allows leasing companies to take back aircraft, airframes, helicopters, and engines that belong to an Indian airline that is undergoing insolvency proceedings.
The Gazette strikes down the National Company Law Tribunal (NCLT) ruling placing a moratorium on lessors reposing planes of bankrupt airline GoFirst
.
The issue of the Gazette will help sync Indian laws with the Cape Town Convention (CTC). Incidentally, India signed the CTC in March 2008. In 2018 the government sought comments on the CTC so that the lessors could repossess their aircraft and engines if an airline was unable to meet its lease payments. But nothing came of the move forcing the government to issue a Gazette notification on Thursday.
Unlock the Full AirInsight Analysis & KPI Models
Get instant access to proprietary fleet valuation models, production & delivery forecasts, engine cost analytics, and the complete subscriber archive.
We use cookies to optimize our website and our service.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
