The Centre is committed to keeping the confidence of aircraft lessors in the Indian aviation market intact by reducing their risks, the ministry of civil aviation said on Friday, as global aircraft makers and leasing groups welcomed a move to protect the interests of lessors.
The remarks by the civil aviation ministry follow changes made to the earlier Insolvency and Bankruptcy Code (IBC) by the corporate affairs ministry on 3 October, allowing aircraft lessors to recover their aircraft during insolvency proceedings.
In a statement, the civil aviation ministry said the earlier IBC regime was impacting agreements between Indian airlines and foreign lessors.
According to the ministry, legal entities dealing with aircraft financing and leasing estimate that Indian carriers spend $1.2-1.3 billion more in rentals because of the difficulties in aircraft recovery.
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