NEW DELHI: India has finally made it easier for aircraft and engine lessors to take their assets from airlines that go bust – and prevent more GoAir kind of holdups. The Union Cabinet has approved the “Protection and Enforcement of Interests in Aircraft Objects Bill, 2024 (Cape Town Convention Bill)” – a move that may bring down leasing costs for airlines.
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The aviation ministry had six years back sought comments on the Cape Town Convention (CTC) Bill 2018 to implement the treaty India had signed in 2008 to basically assure lessors their expensive assets like aircraft and engines will not get stuck here when Indian carriers default on paying rentals or go belly up. The delay meant that lessors had to wage lengthy legal battles to get their planes and engines back from Wadia Group‘s erstwhile GoAir.
