Ministry of Civil Aviation
AWG places India with positive compliance outlook in CTC compliance index
This development came in wake of the Government of India issuing a notification under Section 14 (3) of IBC, 2016 exempting Aircraft equipment covered under CTC from application of moratorium
Posted On:
06 OCT 2023 3:51PM by PIB Delhi
In consonance with the treaty obligation of India, being a Contracting State to the Cape Town Convention and the Aircraft protocol, the Government of India issued a notification dated 03.10.2023 providing that the moratorium under the Insolvency and Bankruptcy Code, 2016 will not apply to aircraft, aircraft engines, airframes and helicopters governed by the Cape Town Convention.
As a consequence of this development,Aviation Working Group (AWG) issued a positive watchlist notice in their CTC compliance index with projected increase in India’s score. It would be a positive step towards ease of leasing/financing aircraft equipment to Indian operators.
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YB/PS
(Release ID: 1965009)
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