{"id":385574,"date":"2026-05-30T09:00:38","date_gmt":"2026-05-30T03:30:38","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=385574"},"modified":"2026-05-29T18:01:59","modified_gmt":"2026-05-29T12:31:59","slug":"protection-of-interests-in-aircraft-objects-rules-2026-analysis","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2026\/05\/30\/protection-of-interests-in-aircraft-objects-rules-2026-analysis\/","title":{"rendered":"India’s Aviation Sector Takes a Global Stage with the Notification of Protection of Interests in Aircraft Objects Rules, 2026"},"content":{"rendered":"
\n

These Rules are designed to address long-standing enforcement gaps. While the Act establishes the substantive legal framework, the Rules provide the operational mechanism for its implementation.<\/p>\n

India’s civil aviation market is currently the fastest growing market and ranks as the third largest globally. In span of last few years, the domestic carriers in India have placed an unprecedent orders for hundreds of aircrafts with international manufacturers involving financial commitments running into billions of dollars.1<\/sup><\/a> This extraordinary expansion has positioned India as one of the most significant markets for global aircraft manufacturers, lessors, and financiers.<\/p>\n

But commercial growth alone is not enough. Capital follows confidence and that requires legal certainty, the assurance that if an investment goes wrong, the law will provide a reliable, timely, and effective remedy. For too long, India’s aviation finance framework failed to provide that assurance. Foreign creditors who leased aircraft to Indian airlines found themselves trapped in protracted litigation when airlines defaulted, watching asset values erode while courts slowly worked through disputes that should have been resolved in weeks.<\/p>\n

The Protection of Interests in Aircraft Objects Act, 2025<\/a> and the Protection of Interests in Aircraft Objects Rules, 2026 (2026 Rules) are India’s answer to this challenge. By giving domestic legal force to the Cape Town Convention, the globally accepted framework for aircraft finance that India had signed in 2008 but never fully implemented vide domestic legislations. Now, it’s a time when India finally bridges the gap between India’s international commitments and its domestic legal reality. That which was once a treaty on paper is today an enforceable law on the ground and India stands alongside the world’s leading aviation finance nations in offering foreign investors a legal framework that is certain, reliable, and internationally recognised.<\/p>\n

These Rules are designed to address long-standing enforcement gaps. While the Act establishes the substantive legal framework, the Rules provide the operational mechanism for its implementation. Together, they mark a structural shift in India’s aviation financing regime, aligning it with global best practices and transforming India from a jurisdiction approached with caution by international aircraft financiers into one offering greater legal certainty and creditor confidence.<\/p>\n

Under the Act and Rules thereof, the Directorate General of Civil Aviation (DGCA) records, facilitates and enforces creditor rights by recording irrevocable deregistration and export request authorisations (IDERAs), deregistering aircraft on creditor request within prescribed timelines, and enabling their export in line with the Cape Town Convention.<\/p>\n

Three problems these Rules are designed to solve<\/h2>\n

1. The information gap<\/span><\/p>\n

According to the Rules, the Aviareto2<\/sup><\/a> in Dublin operates the International Registry under the Cape Town Convention, a global electronic system that records ownership and security interests in aircraft and determines creditor priority on a first-to-file basis, ensuring legal certainty in cross-border aviation finance. In other words, all interests, whether arising from ownership, security arrangements, lease agreements or financial accommodations, etc. through which rights over an aircraft are created in favour of creditors worldwide, are required to be registered on this International Registry. Once registered, such interests are formally recorded and maintained by Aviareto, gives priority to the creditor’s rights over others, across jurisdictions to establish, protect, and enforce their rights under the Convention framework.<\/p>\n

In absence of these Rules, the DGCA had no systematic visibility over international financial interests attached to aircraft on its register. An aircraft could appear simply as registered to an airline, without any indication that it was leased from a foreign lessor, financed by overseas lenders, or subject to rights recorded in the Aviareto International Registry in Dublin.<\/p>\n

This information gap had serious real-world consequences. When “Go First” declared bankrupt in the year 2023,3<\/sup><\/a> the DGCA was caught amidst of processing deregistration requests from international creditors and lessor of the aircrafts leased out to “Go First” airline, without a clear picture of IDERAs, creditor priorities, or outstanding dues, leading to confusion, delay, and litigation.4<\/sup><\/a><\/p>\n

The 2026 Rules address this through a structured reporting system: Rules 6 (Form I disclosures), 7 (quarterly dues reporting) and 5 (the information system). Together, they create a comprehensive, aircraft-specific domestic record that mirrors the Aviareto Registry. As a result, the DGCA now has full visibility-aircraft by aircraft of creditors, dues, and international interests.<\/p>\n

2. The enforcement gap<\/span><\/p>\n

Even where creditors were aware of their rights under the Cape Town Convention, enforcement in India was fragmented and wholly uncertain. The DGCA had no prescribed forms, no fixed timelines, and any designated procedural framework in place, for invoking and enforcing such rights. As a result, creditors were often compelled to navigate and an ad hoc, paper-based process prone to delay.<\/p>\n

The 2026 Rules address this by establishing a clear, time-bound, electronic enforcement framework. Under Rules 9, 10, 12 and 13, a creditor files Form III; the DGCA acknowledges it the same day; default is published the next working day; stakeholders respond within three working days; and the DGCA proceeds with non-judicial possession directions and IDERA implementation. Each step is structured, time-bound, and assigned to a specific authority, ensuring predictable and efficient enforcement.<\/p>\n

3. The insolvency gap<\/span><\/p>\n

This was the most commercially damaging gap of all. When Indian airlines admitted to corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016<\/a> (IBC<\/a>), Section 14 moratorium froze all creditor enforcement actions-including aircraft repossession, for the entire duration of the resolution process. Foreign lessors found themselves locked out of their own aircraft for months or years. In “Go First” airline insolvency, some lessors waited over a year and so before Delhi High Court ordered for export. During this time aircraft sat grounded, maintenance was deferred, insurance coverage lapsed, and asset values depleted and eventually collapsed leading to irreversible damage.<\/p>\n

The IBC<\/a> provided no mechanism for aircraft creditors to escape the moratorium. Courts and tribunals debated whether the Cape Town Convention’s protections could override the IBC’s<\/a> moratorium. The answer was uncertain. The uncertainty itself was the problem, it made Indian airline leasing a higher-risk activity than leasing in comparable jurisdictions, driving up financing costs for Indian carriers.<\/p>\n

Under the 2026 Rules, a clear and fixed timeline is provided for resolving the rights of aircraft creditors, which has an “overriding effect” over the IBC<\/a> and any other inconsistent law. The moratorium under the IBC<\/a> automatically expires for aircraft creditors after exactly two calendar months from the commencement of insolvency proceedings. This timeline is statutory in nature and does not depend on any judicial determination.<\/p>\n

It eliminates previous uncertainties by providing a fixed and predictable period. During this two month waiting period, the resolution professional obligations are clearly defined, including preserving the value of the aircraft, granting the creditor access to the aircraft and its records, and maintaining the aircraft in operational condition. The Rules also offer a practical “cure and retain” option, allowing the airline to keep the aircraft by curing the defaults, but only on terms acceptable to the creditor and not the resolution professional.<\/p>\n

Building the repository of the creditors globally<\/h2>\n

That building of the information system serves as the critical bridge that integrates India’s domestic aviation regulatory system with the International Cape Town Convention framework for the first time. Operating on a VT registration mark basis, it creates a dedicated electronic record for every aircraft in India’s register. Into this record flows key information submitted through prescribed forms: international interest details (Form I), quarterly dues records (Form II), default notifications (Form III), and stakeholder dues claims (Form IV). This results in a complete, real-time financial and operational profile of every encumbered aircraft.<\/p>\n

Importantly, Rule 5(3) clarifies that the information system does not create international interests or alter their priority. Those remain governed exclusively by the International Registry in Aviareto (Dublin). This safeguard ensures that a lessor registered first in Dublin retains its priority regardless of domestic records in India. In practice, this system provides unprecedented transparency: during an insolvency, the resolution professional can instantly access accurate details about which aircraft are subject to international interests, who the creditors are, what dues are pending, and the order of priority. This significantly reduces information asymmetry, minimises litigation, and enables faster, smoother resolution of aircraft-related matters.<\/p>\n

Quarterly dues reporting regime<\/h2>\n

Rule 7 — quarterly dues reporting<\/p>\n

Under Rule 7, every airline in India operating an aircraft that has an international interest must electronically maintain and submit records of all its unpaid dues to the DGCA. These records must be submitted each quarter, and this obligation continues as long as the aircraft remains registered in India.<\/p>\n

Unpaid dues can be of the following nature:<\/p>\n

1. Airport operator charges (landing, housing, and parking charges): Historically, airport operators such as Airports Authority of India (AAI) have detained aircraft for unpaid dues, even when lessors held valid IDERAs.<\/p>\n

2. Route navigation and facilitation charges (RNFC): Navigation fees charged by AAI that can build up significantly during financial stress.<\/p>\n

3. Terminal navigation landing charges (TNLC): Additional navigation-related charges that accumulate quickly for busy operators.<\/p>\n

4. Fuel charges as a public service: Unpaid aviation fuel supplied by public sector providers.<\/p>\n

5. Goods and services tax (GST) on leasing or financing: GST payable on aircraft lease or finance transactions.<\/p>\n

In the event of default declaration process<\/h2>\n

In event of default in payment of dues, the creditors can exercise remedies such as repossession, deregistration, or export of the aircraft, subject that it follows the following process:<\/p>\n

1. Intimate DGCA who shall give acknowledgement on the same day.<\/p>\n

2. On the next working day, the default is published on the DGCA website. This publication marks the formal “declared default” date.<\/p>\n

3. From this date, post-default priority liens (especially employee wages and certain government charges under India’s Article 395<\/sup><\/a> declarations) begin to accrue and rank above the creditor’s registered international interest.<\/span><\/p>\n

Corporate insolvency regime<\/h2>\n

Normally on occurrence of event of default the insolvency proceedings can be initiated against the debtor. If admitted, the moratorium under IBC<\/a> will be imposed. In such situation, the creditors and owners (aircraft lessors) of the aircraft are completely blocked aircraft lessors, from taking any action to recover their planes.<\/p>\n

The example of “Go First” airline it has become the defining test case for the limits of India’s aviation insolvency framework. Go First’s 54 aircraft6<\/sup><\/a> worth about approximately two billion USD were subject to leases from over 20 international lessors. When Go First filed for voluntary insolvency, the National Company Law Tribunal (NCLT) admitted it to CIRP, that resulted into imposition of moratorium under Section 14<\/a> IBC<\/a> — blocking all creditor enforcement.<\/p>\n

As a result of which, the aircrafts leased to “Go Fist” remains grounded for months or years. Due to depreciation, deferred maintenance, and poor preservation caused serious damage to the planes and engines, the overall value of assess depleted. Causing severe financial loss.<\/p>\n

Rule 11 fundamentally changes how aircraft creditors are treated in Indian insolvency proceedings. It gives strong, automatic protection aligned with the Cape Town Convention’s Alternative A, while overriding conflicting parts of the IBC<\/a>. Here is what each key part means in practice:<\/p>\n

1. Rule 11(1)<\/span>: The moratorium under IBC<\/a> shall automatically expires for aircraft creditors after exactly two calendar months from the commencement of insolvency proceedings. It shall have an overriding effect over IBC<\/a> and does not depend on any court discretion, approval by the Committee of Creditors (CoC), or requests from the airline or resolution professional.<\/p>\n

2. Rule 11(2)<\/span>: After the statutory, two months waiting period ends, no one — including the NCLT, can prevent or restrict the creditor’s remedies under the Cape Town Convention (repossession, deregistration, export, or IDERA enforcement).<\/p>\n

3. Rule 11(3)(a)<\/span>: During the two month waiting period, the resolution professional (RP) has a positive legal duty to actively preserve the aircraft and maintain its value in accordance with the original lease or security agreement. This means the RP must ensure the aircraft remains in good condition, maintenance is carried out as required, insurance is kept active, and engines\/parts are properly stored. If RP fails in his duty, it will be held personally liable for the resulting loss in value.<\/p>\n

4. Rule 11(3)(b)<\/span>: During the waiting period of two months, the RP must give creditors full access to the aircraft, technical records, maintenance history, and security information during the waiting period. Creditors can (and should) send technical teams for regular inspections.<\/p>\n

5. Rule 11(4)<\/span>: “Cure and retain” is only option available with the airline or RP that can keep the aircraft beyond the two month waiting period only if two conditions are met: 1) all defaults (except insolvency-related ones) are fully cured; and 2) if, RP agrees to continue performing all future obligations strictly under the original lease terms and security agreement.<\/p>\n

6. Rule 11(6)<\/span>: The RP or the CoCs cannot modify the lease or security agreement without the explicit consent of the creditor. The creditor’s original contractual rights remain frozen and fully protected at pre-insolvency levels.<\/p>\n

Dues settlement requirement<\/h2>\n

Rule 14 mandates that IDERA holders shall settle the following unpaid dues before aircraft is exported:<\/p>\n

1. Airport operator charges including landing charges, housing charges and parking charges.<\/p>\n

2. Route navigation and facilitation charges.<\/p>\n

3. Terminal navigation landing charges.<\/p>\n

4. Fuel charges as a public service.<\/p>\n

5. GST payable in respect of the leasing or financing.<\/p>\n

These dues assume significant commercial importance for several interrelated reasons:<\/p>\n

1. The scale of liability can be substantial<\/span>: For an aircraft operating intensively at Indian airports over several years, unpaid statutory and operational dues can accumulate to very high levels. Charges levied by the AAI and other private operators, including landing and parking fees calculated on maximum take-off weight-can, in high-frequency operations, run into several crores annually per aircraft. When combined with route navigation charges, terminal navigation fees, fuel-related dues, and applicable GST, the aggregate exposure becomes significant. Consequently, an IDERA holder, prior to repossessing the aircraft, is required to pay and settle these outstanding dues. However, such payments are not without recourse — the IDERA holder retains the right to recover same from the defaulting airline in accordance with applicable contractual arrangements and legal remedies.<\/p>\n

2. The temporal boundary is critical<\/span>: The extent of settlement liability is directly linked to Rule 9 notification date, i.e., when the airline first submitted Form I to the DGCA declaring the international interest under the Cape Town Convention.<\/p>\n

3. Disclosure under Form IV introduces strategic leverage<\/span>: Form IV requires stakeholders to disclose whether their claims are registered with the International Registry operated by Aviareto under the Cape Town Convention. This enables IDERA holders to distinguish between priority (registered) and non-priority (unregistered) claims. In practice, many statutory and government dues, particularly those under India’s Article 40<\/span>7<\/sup><\/a> declaration likely to remain unregistered due to lack of knowledge and thus rank below the IDERA holder’s interest. Although Rule 14 requires settlement of all dues, this visibility gives creditors leverage in negotiating or contesting such claims.<\/span><\/p>\n

Conclusion<\/h2>\n

These 2026 Rules do more than giving effect to the Cape Town Convention, they eliminate the earlier ambiguity in a structured and enforceable manner by introducing a coherent procedural framework. They impose fixed timelines — including a strict two month cap on moratorium in respect of aircraft assets, establish clear and time-bound pathways for enforcement of creditor rights, and delineate the roles, responsibilities, and obligations of all stakeholders, including creditors, airlines, the DGCA, and insolvency professionals.<\/p>\n

Until now, the Cape Town Convention framework promised creditors speedy repossession and priority rights, but the IBC’s<\/a> moratorium often blocked or delayed enforcement, creating uncertainty about which regime would prevail. This inconsistency became evident in airline failures such as “Go First” where lessors faced prolonged delays, asset deterioration, and litigation.<\/p>\n

As a result, the legal framework governing aircraft financing in India is now coherent, predictable, and aligned with global standards. This predictability reduces enforcement risk, improves creditor confidence, and ultimately lowers the cost of financing for Indian airlines.<\/p>\n<\/div>\n\n

*Managing Partner, L&D Advocates & Solicitors (LDAS) Chambers. Author can be reached at: love@ldaschambers.com<\/a>.<\/span><\/strong><\/p>\n

1.<\/a> Murali N. Krishnaswamy, “Explained | Why has Air India Ordered Aircraft in Bulk?”, The Hindu<\/span>, 19-2-2023, available at <https:\/\/www.thehindu.com\/business\/Industry\/explained-why-has-air-india-ordered-aircraft-in bulk\/article66526301.ece<\/a><\/span>>.<\/p>\n

2.<\/a> International Registry of Mobile Assets, available at <https:\/\/www.internationalregistry.aero\/ir-web\/<\/a><\/span>>.<\/p>\n

3.<\/a> Jagriti Chandra, “NCLT Orders Go First Liquidation”, The Hindu<\/span>, 20-1-2025, available at <https:\/\/www.thehindu.com\/news\/national\/nclt-orders-go-first-liquidation\/article69120125.ece<\/a><\/span>>.<\/p>\n

4.<\/a> Aviation Working Group, AWG Compliance Index—India<\/span> (2023).<\/p>\n

5.<\/a> UNIDROIT, Declarations Lodged by the Republic of India under the Cape Town Convention at the Time of the Deposit of its Instrument of Accession, available at <https:\/\/www.unidroit.org\/instruments\/security-interests\/cape-town-convention\/states-parties\/d-india-ct\/<\/a><\/span>>.<\/p>\n

6.<\/a> Jagriti Chandra, “DGCA Deregisters All 54 Go First Aircraft Following HC Order”, The Hindu<\/span>, 1-5-2024, available at <https:\/\/www.thehindu.com\/business\/Industry\/dgca-deregisters-all-54-go-first-aircraft-following-hc-order\/article68128925.ece>;<\/a> Andrew Curran, “Tribunal Orders Liquidation of India’s Go First”, ch-aviation, 22-1-2025, available at <https:\/\/www.ch-aviation.com\/news\/149462-tribunal-orders-liquidation-of-indias-go-first<\/a>>.<\/p>\n

7.<\/a> UNIDROIT, Declarations Lodged by the Republic of India under the Cape Town Convention at the Time of the Deposit of its Instrument of Accession, available at <https:\/\/www.unidroit.org\/instruments\/security-interests\/cape-town-convention\/states-parties\/d-india-ct\/<\/a><\/span>>.<\/p>\n","protected":false},"excerpt":{"rendered":"

by Love Kumar Gupta*<\/p>\n","protected":false},"author":67011,"featured_media":385575,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[42503,1191],"tags":[105607,105608,105606,105610,105609,105605],"class_list":["post-385574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-analysis","category-op-ed","tag-aircraft-insolvency-creditor-rights-india-dgca-rules","tag-aviation-finance-enforcement-framework-india-2026","tag-cape-town-convention-india-aviation-finance-law","tag-go-first-insolvency-cape-town-convention-legal-framework","tag-idera-aircraft-repossession-insolvency-india-analysis","tag-protection-of-interests-in-aircraft-objects-rules-2026-analysis"],"yoast_head":"\nAircraft Objects Rules 2026 Analysis | SCC Times<\/title>\n<meta name=\"description\" content=\"Analysis of India's Aircraft Objects Rules, 2026 and aviation finance reforms.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2026\/05\/30\/protection-of-interests-in-aircraft-objects-rules-2026-analysis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India\u2019s Aviation Sector Takes a Global Stage with the Notification of Protection of Interests in Aircraft Objects Rules, 2026\" \/>\n<meta property=\"og:description\" content=\"Analysis of India's Aircraft Objects Rules, 2026 and aviation finance reforms.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2026\/05\/30\/protection-of-interests-in-aircraft-objects-rules-2026-analysis\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-30T03:30:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/05\/Protection-of-Interests-in-Aircraft-Objects-Rules-2026-analysis.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"886\" \/>\n\t<meta property=\"og:image:height\" content=\"590\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"India’s Aviation Sector Takes a Global Stage with the Notification of Protection of Interests in Aircraft Objects Rules, 2026\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/05\\\/30\\\/protection-of-interests-in-aircraft-objects-rules-2026-analysis\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/05\\\/30\\\/protection-of-interests-in-aircraft-objects-rules-2026-analysis\\\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/84e42bab48238baf12c7e33b3d9761fe\"},\"headline\":\"India’s Aviation Sector Takes a Global Stage with the Notification of Protection of Interests in Aircraft Objects Rules, 2026\",\"datePublished\":\"2026-05-30T03:30:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/05\\\/30\\\/protection-of-interests-in-aircraft-objects-rules-2026-analysis\\\/\"},\"wordCount\":2817,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/05\\\/30\\\/protection-of-interests-in-aircraft-objects-rules-2026-analysis\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/Protection-of-Interests-in-Aircraft-Objects-Rules-2026-analysis.webp\",\"keywords\":[\"aircraft insolvency creditor rights India DGCA rules\",\"aviation finance enforcement framework India 2026\",\"Cape Town Convention India aviation finance law\",\"Go First insolvency Cape Town Convention legal framework\",\"IDERA aircraft repossession insolvency India analysis\",\"Protection of Interests in Aircraft Objects Rules 2026 analysis\"],\"articleSection\":[\"Op Eds\",\"OP. 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