Cape Town convention ratification nears: Aviation Secretary

06 Jun 2024 CW Team

The government is in the final stages of providing legal support for an international convention aimed at protecting the rights of foreign lessors regarding their leased aircraft and assets in the Indian aviation sector.

During his inaugural address at the 'CAPA India Aviation Summit 2024', Ministry of Civil Aviation Secretary Vumlunmang Vualnam outlined that the ministry is prepared for the enactment of the act which will facilitate the implementation of the Cape Town Convention, of which India is a signatory.

Vualnam mentioned that the ratification of the Cape Town Convention through the enactment of a law is nearing completion. He expressed confidence that the incoming government would prioritize this matter, stating, "A new government is coming in, and I am sure it will be taken up as one of the top priorities. It is something on which we are fully ready."

While India has signed the convention, its Parliament has yet to ratify it. As part of this process, the Ministry of Civil Aviation drafted the Protection and Enforcement of Interests in Aircraft Objects Bill, 2022, which was previously subject to public consultation.

The bill aims to align India's legal framework with the Cape Town Convention, which requires signatory countries to establish laws enabling aircraft lessors to reclaim their assets if lease conditions are not met by the airline.

Last year, foreign aircraft lessors of Go First faced uncertainty when the National Company Law Tribunal prohibited them from reclaiming their aircraft during the airline's insolvency proceedings. However, the Delhi High Court recently granted permission for the lessors to take possession of the aircraft, though concerns persist regarding the regulatory and legal framework surrounding aircraft repossession.

Technology

28 Oct 2025

Poonawalla Fincorp deploys five new AI solutions in digital drive

Poonawalla Fincorp Limited (PFL), a Cyrus Poonawalla Group-promoted non-banking financial company (NBFC) focused on consumer and MSME lending, has announced the launch of five new AI-powered solutions as part of its enterprise-wide digital transformation strategy. The new systems—Early Warning System (EWS), Travel Bot, RegIntel, Employee Relations (ER) Governance Tool, and AI-based Suspicious Transaction Reporting (STR)—aim to embed artificial intelligence across PFL’s core operations. This initiative goes beyond automation to create intelligent, scalable, and compliance-ready systems t..

HGS launches AI-driven Interaction Intelligence solution

Hinduja Global Solutions (HGS), listed on the BSE and NSE, has announced the launch of Interaction Intelligence—an enterprise-grade artificial intelligence (AI) solution built on the HGS Agent X framework. The platform redefines quality assurance (QA) by transforming it from a routine customer service task into a strategic capability that delivers actionable insights and deeper understanding of customer sentiment. In an era of growing customer expectations for seamless, personalised, and proactive engagement, the Interaction Intelligence solution enables enterprises to analyse nearly 100 pe..

Godrej Properties secures RERA nod for Worli luxury project

Godrej Properties Ltd (GPL), one of India’s leading real estate developers, has received project registration from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for its upcoming residential project, Godrej Trilogy, in Worli, Mumbai. The development forms part of a joint redevelopment of a prime land parcel in one of Mumbai’s most sought-after neighbourhoods. Spread across approximately 2.63 acres, the project will include three luxury towers. The total gross revenue potential of the development is estimated to exceed Rs 100 billion. Strategically located just off Dr Annie B..