The Protection of Interests in Aircraft Objects Act, 2025
The Protection of Interests in Aircraft Objects Act, 2025
The Protection of Interests in Aircraft Objects Act, 2025 implements international Cape Town agreements in India to protect legal interests in aircraft objects, namely airframes, aircraft engines, and helicopters. It applies to creditors, such as financiers and lessors, and debtors like Indian airline operators. The Act empowers India's Directorate General of Civil Aviation to function as the registry authority. This legislation matters because it reduces creditor risk and ensures legal predictability during debtor default or insolvency. By providing a robust, clear framework that overrides other inconsistent domestic laws, it successfully facilitates essential asset-based financing and leasing for local commercial airlines.
- 1. Short title and commencement
- 2. Definitions
- 3. Application of Convention and Protocol in India
- 4. Power of registry authority to issue directions
- 5. Obligation of debtor and creditor to an agreement
- 6. Remedies on insolvency
- 7. De-registration and export request authorisation
- 8. Jurisdiction
- 9. Provisions of Act to have overriding effect
- 10. Power of Central Government to make rules
- 11. Power of Central Government in respect of declarations
- 12. Removal of difficulties
PDF: pending for this language.