The Ministry of Corporate Affairs by notification dated 03 October 2023 (read here) exempted transactions, arrangements or agreements relating to aircraft, aircraft engines, airframes and helicopters under the Cape Town Convention and Protocol from the moratorium provisions of the Insolvency and Bankruptcy Code, 2016.

This notification will allow the aircraft lessors to reclaim the possession of their leased aircraft / equipment which is in the possession of a corporate debtor during a moratorium.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.