Why in news The Rajya Sabha passed the Protection of Interests in Aircraft Objects Bill, 2025 . It aligns with the international Cape Town...
Why in news
The Rajya Sabha passed the Protection of Interests in Aircraft Objects Bill, 2025.
It aligns with the international Cape Town Convention to resolve airline and lessor disputes.
The Cape Town Convention standardizes asset transactions and secures creditors' rights.
Cape Town Treaty, is an international treaty intended to standardize transactions involving movable property
The Bill aims to clarify legal issues faced by airlines like SpiceJet and Go First.
It’s expected to reduce leasing costs by 8-10%, lowering airfare for passengers.
Over 86% of the nearly 850 aircraft in the fleet of various domestic airlines are leased to maintain liquidity.
Directorate General of Civil Aviation (DGCA) will oversee the implementation of the Bill.
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