India to introduce Cape Town Convention Bill in Parliament this monsoon

The Indian Government is planning to introduce the Cape Town Convention Bill in the monsoon session of the Parliament in July this year with an aim to make it easier for the leasing companies to seize their assets from airlines that have missed or defaulted on payments. The proposed Bill will give primacy to the Cape Town Convention in case of conflict with any other local law, mainly the Insolvency and Bankruptcy Code (IBC), 2016. The Convention was adopted at a conference in Cape Town in November 2001 under the International Civil Aviation Organisation (ICAO) and the International Institute for