The Ministry of Civil Aviation on April 13, 2022 has issued Protection and Enforcement of Interests in Aircraft Objects Bill, 2022. This shall come into force on such date as the Central Government appoint.
The Bill states the following namely: -
• The provisions of this Act shall apply—
1. To a debtor who, at the time of the conclusion of the agreement creating or providing for an international interest in an aircraft object, is situated in India
2. To a seller who, at the time of the conclusion of the contract of sale creating or providing for sale of an aircraft object, is situated in India
3. To an aircraft object, having an international interest, which is located in India or pertains to an aircraft registered in India.
• The debtor and the creditor may at any time agree in writing as to the event(s) that constitute a default or otherwise give rise to the rights and remedies specified in this Chapter.
• Nothing in this Act shall affect the acquisition of associated rights and the related international interest by legal or contractual subrogation under any law for the time being in force in India.
• In the case of any inconsistency between a provision of this Act and any other law for the time being in force in India, the former shall prevail to the extent of such inconsistency.
Objections or suggestions, if any, may be addressed to Shri Anup Pant, Under Secretary, Ministry of Civil Aviation or emailed at [email protected] before the expiration of thirty days from April 13, 2022.
[Notification No. G.S.R. 296(E)]
