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CS Professional · IFSCA - Regulations, Listing and Compliances · Banking Services and Finance Companies in IFSC

An overseas lessee defaults on rentals under a lease of an aircraft engine owned by an IFSC lessor. The lessor wants a transparent, internationally recognised way to protect its ownership and enforce repossession. Which framework is designed for this?

The Cape Town Convention and its aircraft protocol is the relevant framework. It lets the lessor register an international interest in the aircraft object and use remedies such as repossession and deregistration when the lessee defaults, which gives cross-border lessors confidence.

  1. ACape Town Convention and its aircraft protocol, with registration of interests at the International RegistryCorrect
  2. BThe Prevention of Money Laundering Act, 2002
  3. CSecretarial Standard on general meetings
  4. DThe SARFAESI route against the lessee's depositors

Explanation

The Cape Town Convention and Aircraft Protocol give lessors an international interest in aircraft objects, registered on an International Registry, with remedies such as deregistration and repossession. The other options address unrelated matters.

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