Insolvency rules to exclude freezing of leased aircraft

06 Oct 2023 CW Team

In a recent development, the Indian government has made crucial amendments to its insolvency law, excluding leased aircraft from assets that can be frozen. This significant change aims to resolve a longstanding discrepancy between global and local regulations and addresses concerns raised by leasing companies operating in India.

The government notification, released on Wednesday, brings relief to foreign lessors of budget airline Go First, who have been embroiled in a legal dispute to recover their aircraft following the airline's bankruptcy in May. Under the revised rules, certain provisions of the Indian Bankruptcy Code will no longer be applicable to transactions involving aircraft, aircraft engines, airframes, and helicopters, as outlined in the government notice.

India had previously ratified the global aircraft leasing rules established under the Cape Town Convention, an international treaty designed to safeguard repossession rights. However, the absence of local legislation enforcing these rules had created uncertainty in the industry. This amendment is seen as a positive step towards aligning Indian aviation regulations with international standards.

Ramesh Vaidyanathan, the managing partner of the law firm BTG Advaya, expressed optimism about the change, stating, "With this adjustment, India can hope to somewhat repair the reputation it has acquired as a risky country to lease aircraft and engines to."

This amendment not only brings clarity to the legal framework for aircraft leasing in India but also contributes to enhancing the country's credibility as a destination for aviation investments and operations.

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