Bill gives legal force to 2001 aircraft convention

This Bill gives legal force in India to the international Convention and Protocol on International Interests in Mobile Equipment (specifically for aircraft) signed in 2001. It aims to protect the rights of creditors and debtors involved in aircraft transactions, such as leasing or security agreements, by establishing a uniform legal framework for these interests.

The law affects creditors (such as lessors, conditional sellers, or chargees) and debtors (such as lessees, conditional buyers, or chargors) involved in agreements regarding aircraft objects. It also applies to the Directorate General of Civil Aviation (as the registry authority) and High Courts with territorial jurisdiction.

• The Convention and Protocol have the force of law in India regarding aircraft objects, subject to declarations made by India.
• The Directorate General of Civil Aviation is designated as the 'registry authority' and may issue directions for implementation.
• Debtors are required to maintain and submit records of dues to the registry authority.
• Creditors must notify the registry authority of a default before they can exercise remedies under the Convention or Protocol.
• Specific provisions for remedies on insolvency apply if the debtor is an Indian entity or has their principal place of business in India, and the interest is registered.
• Provisions for de-registration and export requests apply, subject to the Bharatiya Vayuyan Adhiniyam, 2024.
• High Courts having territorial jurisdiction are the relevant courts for specific matters under Article 53 of the Convention.
• The Central Government has the power to make rules, make or withdraw declarations under the Convention, and remove difficulties in implementation (within three years of commencement).

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