Govt tweaks bankruptcy code to ease recovery of leased planes ...Middle East

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Govt tweaks bankruptcy code to ease recovery of leased planes
New Delhi: The Ministry of Corporate Affairs has issued a notification to scrap a key provision of the Insolvency and Bankruptcy Code (IBC) in the case of aircraft, and aircraft engines which will make it easier for lessors to recover their planes in case an airline goes bankrupt. “The provisions of sub-section (1) of section 14 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), would not be applicable to transactions, arrangements or agreements, under the Convention and the Protocol, relating to aircraft, aircraft engines, airframes and helicopters,” the notification, dated Oct 4, states. The government’s notification to exempt transactions involving aircraft, aircraft engines, and

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