Bill gives legal force to 2001 aircraft interests 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 financial interests of creditors in aircraft objects and standardize how these interests are registered and enforced.

The law applies to '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 empowers the Directorate General of Civil Aviation (DGCA) as the registry authority and grants jurisdiction to High Courts.

• The Convention and Protocol have the force of law in India regarding aircraft objects.
• The Directorate General of Civil Aviation (DGCA) 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 exercising remedies under the Convention or Protocol.
• Specific provisions apply to remedies on insolvency for debtors who are Indian bodies corporate, firms, or persons domiciled in India, provided the interest is registered and not excluded by agreement.
• The High Court with territorial jurisdiction is the relevant court for 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.

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