The Ministry of Corporate Affairs (MCA) on October 04, 2023, issued a notification stating that Insolvency and Bankruptcy Code 2016 provisions shall not apply to transactions, arrangements, or agreements Cape Town convention.
India, being a signatory to and having acceded 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 was adopted under the joint auspices of International Civil Aviation Organization and the International Institute for the Unification of Private Law concluded at Cape Town and the Protocol by depositing with the International Institute for the Unification of Private Law the instruments of accession on March 31, 2008.
In exercise of the powers conferred by clause (a) of sub-section (3) of section 14 of the Insolvency and Bankruptcy Code, 2016, the Central Government hereby notifies that the provisions of sub-section (1) of section 14 of the Insolvency and Bankruptcy Code, 2016, shall not apply to transactions, arrangements or agreements, under the Convention and the Protocol, relating to aircraft, aircraft engines, airframes and helicopters.
[Notification No. S.O. 4321(E)]
