Govt exempts aircraft and engines from IBC provisions
Financial Express Mumbai|October 05, 2023
THE MINISTRY OF Corporate Affairs issued a notification on Wednesday saying that the sub-section (1) of section 14 of the Insolvency and Bankruptcy Code, shall not apply to transactions, arrangements or agreements, under the Convention and the Protocol, relating to aircraft, aircraft engines, airframes and helicopters.
Govt exempts aircraft and engines from IBC provisions

The order is referring to: The Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment, which were adopted in 2001 in Cape Town, of which India is a signatory.

Section 14 of the IBC deals with the power of adjudicating authority to issue a moratorium while admitting a company under the resolution process. The court may halt the recovery of any property by a creditor or lessor, which is in the possession of a corporate debtor.

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