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Indian aviation industry leaders thank Scindia for game-changing legal amendment

17 Oct 2023
Business
Indian aviation industry leaders thank Scindia for game-changing legal amendment
As per officials, the purpose of this meeting was to express their gratitude for a recent legal amendment that has significant implications for the aviation industry.Air India's Managing Director and CEO, Campbell Wilson; Vistara's CEO, Vinod Kannan; SpiceJet's Chairman and Managing Director, Ajay Singh, along with IndiGo's Principal Advisor, RK Singh, were present at the meeting."Representatives from four airlines including Air India, Spice Jet, Vistara and Indigo met Hon’ble Minister Sh @JM_Scindia Ji and thanked him for the recent legal amendment pertaining to the issuing of a notification under Section 14 (3) of the Insolvency and Bankruptcy Code, 2016 exempting aircraft equipment covered under CTC from application of moratorium," the minister's office subsequently posted on 'X', along with the photographs of the gathering."The decision is a big relief for aircraft lessors as it is expected to create a favourable environment in India by reducing their risk and allowing them to repossess their aircraft," it added.--IANSssh/pgh

(Disclaimer: This post has been auto published from IANS news agency without any modification to the text and has not been reviewed by editor)