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With reference to the Draft Protection & Enforcement of Interests in Aircraft Objects Bill, 2022, consider the following statements:
1. The Bill implements the provisions of the Convention on International Interests in Mobile Equipment and Protocol on Matters Specific to Aircraft Equipment which was adopted at a conference in Cape Town in 2001. 
2. It suggests remedies pending final adjudication of a claim as well as safeguards a debtor's claim during insolvency proceedings against its Indian buyer.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
With reference to the Draft Protection & Enforcement of Interests ...
The Ministry of Civil Aviation has proposed a new law that will help international aircraft leasing companies to repossess and transfer planes out of India in case of a financial dispute with an Indian airline.
Draft Protection & Enforcement of Interests in Aircraft Objects Bill, 2022:
  • The Bill implements the provisions of the Convention on International Interests in Mobile Equipment and Protocol on Matters Specific to Aircraft Equipment which was adopted at a conference in Cape Town in 2001. 
  • These provide default remedies for the creditor and create a legal regime for disputes.
  • The proposed law provides remedies such as repossession of an aircraft object, or its sale or lease or collection of income from its use as well as de-registration and export of planes.
  • It also suggests remedies pending final adjudication of a claim as well as safeguards a debtor's claim during insolvency proceedings against its Indian buyer.
Hence both statements are correct.
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With reference to the Draft Protection & Enforcement of Interests in Aircraft Objects Bill, 2022, consider the following statements:1. The Bill implements the provisions of theConvention on International Interests in Mobile Equipment and Protocol on Matters Specific to Aircraft Equipmentwhich was adopted at a conference inCape Town in 2001.2. It suggests remediespending final adjudicationof a claim as well assafeguards a debtors claimduring insolvency proceedings against its Indian buyer.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the Draft Protection & Enforcement of Interests in Aircraft Objects Bill, 2022, consider the following statements:1. The Bill implements the provisions of theConvention on International Interests in Mobile Equipment and Protocol on Matters Specific to Aircraft Equipmentwhich was adopted at a conference inCape Town in 2001.2. It suggests remediespending final adjudicationof a claim as well assafeguards a debtors claimduring insolvency proceedings against its Indian buyer.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about With reference to the Draft Protection & Enforcement of Interests in Aircraft Objects Bill, 2022, consider the following statements:1. The Bill implements the provisions of theConvention on International Interests in Mobile Equipment and Protocol on Matters Specific to Aircraft Equipmentwhich was adopted at a conference inCape Town in 2001.2. It suggests remediespending final adjudicationof a claim as well assafeguards a debtors claimduring insolvency proceedings against its Indian buyer.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Draft Protection & Enforcement of Interests in Aircraft Objects Bill, 2022, consider the following statements:1. The Bill implements the provisions of theConvention on International Interests in Mobile Equipment and Protocol on Matters Specific to Aircraft Equipmentwhich was adopted at a conference inCape Town in 2001.2. It suggests remediespending final adjudicationof a claim as well assafeguards a debtors claimduring insolvency proceedings against its Indian buyer.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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