Nitin Sarin, managing partner at Law firm Sarin & Co., said, “The biggest step by India has been done so far to implement the convention properly in the local law.”
According to officials, this bill is expected to reduce the period of adjournment to retrieve the aircraft in cases of bankruptcy in cases of bankruptcy, while the lessers will have to organize the outstanding, the airport allegations pending within 60 days. .
If passed, the bill is expected to increase access to air travel in the country, with domestic passenger traffic this year 7-10% and international traffic has increased by 15-20%. Recently, the Boeing report also states that India’s continuous economic growth and emerging middle classes can increase the annual traffic growth of 7.4% in the next two decades.
Last year, the Aviation Working Group, a global aviation leasing group, downgraded India with an estimated score for further decline after sufficient damage to the creditors after the non-compliance of the Cape Town Convention and under Go First Row. After the proceedings of insolvency for more than four months, the aircraft were unable to regain the aircraft from the first Go itself.
In response, the Ministry of Corporate Affairs exempted aircraft and engines from compulsory adjournment.
The group said, “Although the exclusion exclusion is a positive step, it is less confident that will be implemented due to its projection and lack of lack of general CTC (Cape Town Convention) for its projection as a continuous lack of clarity. The group said. ,
Despite India’s reception in the Cape Town Convention in 2008, there is a lack of domestic laws to implement its provisions, which leads to conflict in favor of local airlines. According to sources, the proposed bill is designed to facilitate the acquisition of more than 1,000 new aircraft by the end of the decade.
(Tagstotransite) Airlines
