11-1 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

VI-Ex-11

11-1

Extra No. 11

The Gujarat Government Gazette

EXTRAORDINARY

PUBLISHED BY AUTHORITY

Vol. LXVI ]

THURSDAY, JUNE 26, 2025 / ASHADHA 5, 1947

Separate paging is given to this Part in order that it may be filed as a Separate Compilation.

PART - VI

Acts of Parliament and Ordinances promulgated by the President

LEGISLATIVE AND PARLIAMENTARY AFFAIRS DEPARTMENT

Sachivalaya, Gandhinagar, 26^th June, 2025

No. RPB/Act-17/2025/E:- The Following Act of Parliament is republished for general information:-

Government of India

Ministry of Law and Justice

Legislative Department

New Delhi, the 16^th April, 2025/Chaitra 26, 1947 (Saka)

The following Act of Parliament has received the assent of the President on the 16^th April, 2025 is

hereby published for general information:-

THE PROTECTION OF INTERESTS IN AIRCRAFT OBJECTS

ACT, 2025

No. 17 of 2025

[16th April, 2025.]

An Act to provide for protection of interests in aircraft objects and to

implement the Convention on International Interests in Mobile

Equipment and the Protocol to the Convention on International Interests

in Mobile Equipment on Matters Specific to Aircraft Equipment signed

at Cape Town on 16th November, 2001 and for matters connected

therewith or incidental thereto.

BE it enacted by Parliament in the Seventy-sixth Year of the Republic

of India as follows:—

1. (1)This Act may be called the Protection of Interests in Aircraft Objects

Act, 2025.

(2) It shall come into force on such date as the Central Government may, by

notification in the Official Gazette, appoint.

2. (1) In this Act, unless the context otherwise requires,—

(a) “agreement” shall have the meaning assigned to it in Article 1(a) of

the Convention;

Short title and

commencement.

Definitions.

11-2 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

Application of

Convention and

Protocol in

India.

Power of

registry

authority to

issue directions.

Obligation of

debtor and

creditor to an

agreement.

(b) “aircraft” shall have the meaning assigned to it in Article I (2)(a) of

the Protocol;

Article I (2)(c) of the Protocol;

(d) “Article” means an Article of the Convention or the Protocol;

(e) “Convention” means the Convention on International Interests in

Mobile Equipment signed at Cape Town on 16th November, 2001, as set out

in the First Schedule to this Act;

(f) “creditor” shall have the meaning assigned to it in Article 1(i) of the

Convention;

(g) “debtor” shall have the meaning assigned to it in Article 1(j) of the

Convention;

(h) “declaration” means a declaration made by India under the

Convention or the Protocol, as set out in the Second Schedule to this Act;

(i) “declared default” means the date on which the registry authority is

notified by the creditor of the occurrence of default;

(j) “international interest” shall have the meaning assigned to it in

Article 1(o) of the Convention;

(k) “prescribed” means prescribed by rules made under this Act;

(l) “Protocol” means the Protocol to the Convention on International

Interests in Mobile Equipment on Matters specific to Aircraft Equipment

signed at Cape Town on 16th November, 2001, as set out in the Third Schedule

to this Act;

(m) “registry authority” means the Directorate General of Civil Aviation

constituted under section 3 of the Bharatiya Vayuyan Adhiniyam, 2024.

(2) The words and expressions used and not defined in this Act, but defined in

the Convention or the Protocol or the regulations made thereunder, shall have the

meanings respectively assigned to them in the Convention, Protocol or regulations

made thereunder.

3. Subject to the provisions of this Act, the Convention and Protocol shall have

the force of law in India, in respect of the aircraft objects and in accordance with the

declarations deposited by India.

4. The registry authority may issue necessary directions, for implementation

of the provisions of the Convention and Protocol, including the provisions given

force of law under section 3, in such manner as may be prescribed.

5. (1) A debtor shall maintain and submit to the registry authority, records of

dues arising from, related to or owed in regard to the ownership or use by the

owner or operator of the aircraft object, in such form and manner as may be

prescribed.

(2) A creditor shall not be entitled to exercise any remedy under the

Convention or Protocol unless such creditor declares the occurrence of default by

notifying the registry authority, in such form and manner as may be prescribed.

16 of 2024.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-3

16 of 2024.

6. The provisions of Article XI of the Protocol, subject to the declaration

deposited by India, shall apply, mutatis mutandis, for remedies on insolvency

under any law for the time being in force:

Provided that—

(a) the debtor of the agreement is a—

(i) body corporate or ﬁrm, incorporated or registered in India; or

(ii) person, domiciled in or has his principal place of business in

India;

(b) the international interest of the agreement has been registered in

accordance with the Convention and Protocol; and

application of this section.

7. Subject to the provisions of the Bharatiya Vayuyan Adhiniyam, 2024, or

any rules made thereunder, the provisions of Article XIII of the Protocol shall

apply to the de-registration and export request.

8. Notwithstanding anything in any other law for the time being in force,

the High Court having territorial jurisdiction shall be the relevant court for the

purposes of Article 53 of the Convention.

9. (1) In the case of any inconsistency between a provision of this Act and

any other law for the time being in force, the provisions of this Act shall prevail

to the extent of such inconsistency.

(2) Save as otherwise provided in this Act, the provisions of this Act

shall be in addition to, and not in derogation of any other law for the time

being in force.

(3) The provisions of this Act or the Convention or the Protocol shall

not affect the rights of the Central Government or any entity thereof,

other

provider

public

services

India,

any

intergovernmental organisation in which India is

a member, to arrest or

detain an aircraft object under any law for

the

time

being

force,

for

payment

any amount due to the Government of India or any

such entity or provider of

public

services or organisation,

directly

relating to the service or services provided by it in respect of that aircraft

objects.

10. (1) The Central Government may, by notiﬁcation in the Oﬃcial

Gazette, make rules, as may be considered necessary and expedient, for carrying

out the provisions of this Act or implementation of the provisions of the

Convention or Protocol.

(2) In particular and without prejudice to the generality of the foregoing power,

such rules may provide for all or any of the following matters, namely:—

(a) manner to issue directions under section 4;

(b) form and manner under sub-sections (1) and (2) of section 5.

Remedies on

insolvency.

De-registration

and export

request

authorisation.

Jurisdiction.

Provisions of

Act to have

overriding

effect.

Power of

Central

Government to

make rules.

11-4 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

Power of

Central

Government in

respect of

declarations.

Removal of

difficulties.

(3) The power to make rules under this section is subject to the condition of

the rules being made after previous publication:

Provided that the Central Government may, in the public interest, by order

in writing, dispense with the condition of previous publication in any case.

(4) Every rule made under this Act shall be laid, as soon as may be, after it

is made before each House of Parliament while it is in session, for a total period

of thirty days which may be comprised in one session or in two or more successive

sessions, and if, before the expiry of the session immediately following the session

or the successive sessions aforesaid, both Houses agree in making any

modiﬁcation in the rule or both Houses agree that the rule should not be made, the

rule shall thereafter have effect only in such modiﬁed form or be of no effect, as

the case may be; so, however, that any such modiﬁcation or annulment shall be

without prejudice to the validity of anything previously done under that rule.

11. (1) The Central Government may make, amend or withdraw any

declaration, or any subsequent declaration in accordance with the provisions of

the Convention or Protocol.

(2) The Central Government, to give effect to any declaration or

subsequent declaration made, amended or withdrawn under the Convention or

the Protocol, may, by notiﬁcation in the Oﬃcial Gazette, amend the Second

Schedule to this Act.

12. (1) If any diﬃculty arises in giving effect to the provisions of this Act,

the Central Government may, by order published in the Oﬃcial Gazette, make

such provisions, not inconsistent with the provisions of this Act as appear to it to

be necessary or expedient for removing the difficulty:

Provided that no such order shall be made after the expiry of a period of

three years from the date of commencement of this Act.

(2) Every order made under this section shall, as soon as may be after it is

made, be laid before each House of Parliament.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-5

THE FIRST SCHEDULE

[See clause (e) of sub-section (1) of section 2]

PROVISIONS OF THE CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE

EQUIPMENT WHICH SHALL HAVE THE FORCE OF LAW

CHAPTER I

SPHERE OF APPLICATION AND GENERAL PROVISIONS

Article 1

Definitions

In this Convention, except where the context otherwise requires, the

following terms are employed with the meanings set out below:

(a) “agreement” means a security agreement, a title reservation

agreement or a leasing agreement;

(b) “assignment” means a contract which, whether by way of security

or otherwise, confers on the assignee associated rights with or without a

transfer of the related international interest;

performance by a debtor under an agreement which are secured by or

associated with the object;

(d) “commencement of the insolvency proceedings” means the time at

which the insolvency proceedings are deemed to commence under the

applicable insolvency law;

(e) “conditional buyer” means a buyer under a title reservation

agreement;

(f) “conditional seller” means a seller under a title reservation

agreement;

(g) “contract of sale” means a contract for the sale of an object by a

seller to a buyer which is not an agreement as defined in (a) above;

(h) “court” means a court of law or an administrative or arbitral

tribunal established by a Contracting State;

(i) “creditor” means a chargee under a security agreement, a

conditional seller under a title reservation agreement or a lessor under a

leasing agreement;

(j) “debtor” means a chargor under a security agreement, a conditional

buyer under a title reservation agreement, a lessee under a leasing agreement

or a person whose interest in an object is burdened by a registrable

non-consensual right or interest;

(k) “insolvency administrator” means a person authorised to administer

the re-organisation or liquidation, including one authorised on an interim

basis, and includes a debtor in possession if permitted by the applicable

insolvency law;

(l) “insolvency proceedings” means bankruptcy, liquidation or other

collective judicial or administrative proceedings, including interim

proceedings, in which the assets and affairs of the debtor are subject to

control or supervision by a court for the purposes of re-organisation or

liquidation;

(m) “interested persons” means:

11-6 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

(i) the debtor;

(ii) any person who, for the purpose of assuring performance of

any of the obligations in favour of the creditor, gives or issues a

suretyship or demand guarantee or a stand by letter of credit or any

other form of credit insurance;

(iii) any other person having rights in or over the object;

(n) “internal transaction” means a transaction of a type listed in

Article 2(2)(a) to (c) where the centre of the main interests of all parties to

such transaction is situated, and the relevant object located (as specified in

the Protocol), the same Contracting State at the time of the conclusion of the

contract and where the interest created by the transaction has been registered

in a national registry in that Contracting State which has made a declaration

under Article 50(1);

(o) “international interest” means an interest held by a creditor to

which article 2 applies;

(p) “international registry” means the international registration facilities

established for the purposes of this Convention or the Protocol;

(q) “leasing agreement” means an agreement by which one person

grants a right to possession or control of an object (with or without an option

to purchase) to another person in return for a rental or other payment;

(r) “national interest” means an interest held by a creditor in an object

and created by an internal transaction covered by a declaration under

Article 50 (1);

(s) “non-consensual right or interest” means a right or interest

conferred under the law of a Contracting State which has made a declaration

under Article 39 to secure the performance of an obligation, including an

obligation to a State, State entity or an intergovernmental or private

organisation;

(t) “notice of a national interest” means notice registered or to be

registered in the international registry that a national interest has been

created;

(u) “object” means an object of a category to which Article 2 applies;

(v) “pre-existing right or interest” means a right or interest of any kind

in or over an object created or arising before the effective date of this

Convention as defined by Article 60(2)(a);

(w) “proceeds” means money or non-money proceeds of an object

arising from the total or partial loss or physical destruction of the object or

its total or partial confiscation, condemnation or requisition;

(x) “prospective assignment” means an assignment that is intended to

be made in the future, upon the occurrence of a stated event, whether or not

the occurrence of the event is certain;

(y) “prospective international interest” means an interest that is

intended to be created or provided for in an object as an international interest

in the future, upon the occurrence of a stated event (which may include the

debtor’s acquisition of an interest in the object), whether or not the

occurrence of the event is certain;

(z) “prospective sale” means a sale which is intended to be made in

the future, upon the occurrence of a stated event, whether or not the

occurrence of the event is certain;

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-7

(aa) “Protocol” means, in respect of any category of object and

associated rights to which this Convention applies, the Protocol in respect

of that category of object and associated rights;

(bb) “registered” means registered in the international registry

pursuant to Chapter V;

(cc) “registered interest” means an international interest, a registrable

non-consensual right or interest or a national interest specified in a notice of

a national interest registered pursuant to Chapter V;

(dd) “registrable non-consensual right or interest” means a non-consensual

right or interest registrable pursuant to a declaration deposited under Article 40;

(ee) “Registrar” means, in respect of the Protocol, the person or body

designated by that Protocol or appointed under Article 17(2)(b);

(ff) “regulations” means regulations made or approved by the

supervisory authority pursuant to the Protocol;

(gg) “sale” means a transfer of ownership of an object pursuant to a

contract of sale;

(hh) “secured obligation” means an obligation secured by a security

interest;

(ii) “security agreement” means an agreement by which a chargor

grants or agrees to grant to a chargee an interest (including an ownership

interest) in or over an object to secure the performance of any existing or

future obligation of the chargor or a third person;

(jj) “security interest” means an interest created by a security

agreement;

(kk) “Supervisory Authority” means, in respect of the Protocol, the

Supervisory Authority referred to in Article 17(1);

(ll) “title reservation agreement” means an agreement for the sale of

an object on terms that ownership does not pass until fulfilment of the

condition or conditions stated in the agreement;

(mm) “unregistered interest” means a consensual interest or

non-consensual right or interest (other than an interest to which

Article 39 applies) which has not been registered, whether or not it is

registrable under this Convention; and

(nn) “writing” means a record of information (including information

communicated by teletransmission) which is intangible or other form and is

capable of being reproduced in tangible form on a subsequent occasion and

which indicates by reasonable means a person’s approval of the record.

Article 2

The international interest

1. This convention provides for the constitution and effects of an

international interest in certain categories of mobile equipment and associated

rights.

2. For the purposes of this Convention, an international interest in mobile

equipment is an interest, constituted under Article 7, in a uniquely identifiable

object of a category of such objects listed in paragraph 3 and designated in the

Protocol:

(a) granted by the chargor under a security agreement;

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(b) vested in a person who is the conditional seller under a title

reservation agreement; or

An interest falling within sub-paragraph (a) does not also fall within

sub-paragraph (b) or (c).

3. The categories referred to in the preceding paragraphs are:

(a) airframes, aircraft engines and helicopters;

(b) railway rolling stock; and

4. The applicable law determines whether an interest to which paragraph 2

applies falls within sub-paragraphs (a), (b) or (c) of that paragraph.

5. An international interest in an object extends to proceeds of that object.

Article 3

Sphere of application

1. This Convention applies when, at the time of the conclusion of the

agreement creating or providing for the international interest, the debtor is situated

in a Contracting State.

2. The fact that the creditor is situated in a non-Contracting State does not

affect the applicability of this Convention.

Article 4

Where debtor is situated

1. For the purposes of Article 3(1), the debtor is situated in any Contracting

State:

(a) under the law of which it is incorporated or formed;

(b) where it has its registered office or statutory seat;

(d) where it has its place of business.

2. A reference in sub-paragraph (d) of the preceding paragraph to the debtor’s

place of business shall, if it has more than one place of business, mean its principal

place of business or, if it has no place of business, its habitual residence.

Article 5

Interpretation and applicable law

1. In the interpretation of this convention, regard is to be had to its purposes

as set forth in the preamble, to its international character and to the need to

promote uniformity and predictability in its application.

2. Questions concerning matters governed by this convention which are not

expressly settled in it are to be settled in conformity with the general principles

on which it is based or, in the absence of such principles, in conformity with the

applicable law.

3. References to the applicable law are to the domestic rules of the law

applicable by virtue of the rules of private international law of the forum State.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-9

4. Where a State comprises several territorial units, each of which has its

own rules of law in respect of the matter to be decided, and where there is no

indication of the relevant territorial unit, the law of that State decides which is the

territorial unit whose rules shall govern. In the absence of any such rule, the law

of the territorial unit with which the case is most closely connected shall apply.

Article 6

Relationship between the Convention and the Protocol

1. This Convention and the Protocol shall be read and interpreted together

as a single instrument.

2. To the extent of any inconsistency between this Convention and the

Protocol, the Protocol shall prevail.

CHAPTER II

CONSTITUTION OF AN INTERNATIONAL INTEREST

Article 7

Formal requirements

An interest is constituted as an international interest under this convention

where the agreement creating or providing for the interest:

(a) is in writing;

(b) relates to an object of which the chargor, conditional seller or lessor

has power to dispose;

(d) in the case of a security agreement, enables the secured obligations

to be determined, but without the need to state a sum or maximum sum

secured.

CHAPTER III

DEFAULT REMEDIES

Article 8

Remedies of chargee

1. In the event of default as provided in Article 11, the chargee may, to the

extent that the chargor has at any time so agreed and subject to any declaration

that may be made by a Contracting State under Article 54, exercise any one or

more of the following remedies:

(a) take possession or control of any object charged to it;

(b) sell or grant a lease of any such object;

or use of any such object.

2. The chargee may alternatively apply for a court order authorising or

directing any of the acts referred to in the preceding paragraph.

3. Any remedy set out in sub-paragraphs (a), (b) or (c) of paragraph 1 or by

Article 13 shall be exercised in a commercially reasonable manner. A remedy

shall be deemed to be exercised in a commercially reasonable manner where it is

exercised in conformity with a provision of the security agreement except where

such a provision is manifestly unreasonable.

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4. A chargee proposing to sell or grant a lease of an object under paragraph 1

shall give reasonable prior notice in writing of the proposed sale or lease to:

(a) interested persons specified in Article 1(m)(i) and (ii); and

(b) interested persons specified in Article 1(m)(iii) who have given

notice of their rights to the chargee within a reasonable time prior to the sale

or lease.

5. Any sum collected or received by the chargee as a result of exercise of

any of the remedies set out in paragraph 1 or 2 shall be applied towards discharge

of the amount of the secured obligations.

6. Where the sums collected or received by the chargee as a result of the

exercise of any remedy set out in paragraph 1 or 2 exceed the amount secured by

the security interest and any reasonable costs incurred in the exercise of any such

remedy, then unless otherwise ordered by the court the chargee shall distribute the

surplus among holders of subsequently ranking interests which have been

registered or of which the chargee has been given notice, in order of priority, and

pay any remaining balance to the chargor.

Article 9

Vesting of object in satisfaction; redemption

1. At any time after default as provided in Article 11, the chargee and all the

interested persons may agree that ownership of (or any other interest of the

chargor in) any object covered by the security interest shall vest in the chargee in

or towards satisfaction of the secured obligations.

2. The court may on the application of the chargee order that ownership of

(or any other interest of the chargor in) any object covered by the security interest

shall vest in the chargee in or towards satisfaction of the secured obligations.

3. The court shall grant an application under the preceding paragraph only

if the amount of the secured obligations to be satisfied by such vesting is

commensurate with the value of the object after taking account of any payment to

be made by the chargee to any of the interested persons.

4. At any time after default as provided under Article 11 and before sale of

the charged object or the making of an order under paragraph 2, the chargor or

any interested person may discharge the security interest by paying in full the

amount secured, subject to any lease granted by the chargee under Article 8(1)(b)

or ordered under Article 8(2). Where, after such default, the payment of the amount

secured is made in full by an interested person other than the debtor, that person

is subrogated to the rights of the chargee.

5. Ownership or any other interest of the chargor passing on a sale under

Article 8(1)(b) or passing under paragraph 1 or 2 of this article is free from any

other interest over which the chargee’s security interest has priority under the

provisions of Article 29.

Article 10

Remedies of conditional seller or lessor

In the event of default under a title reservation agreement or under a leasing

agreement as provided in Article 11, the conditional seller or the lessor, as the

case may be, may:

(a) subject to any declaration that may be made by a Contracting State

under Article 54, terminate the agreement and take possession or control of

any object to which the agreement relates; or

(b) apply for a court order authorising or directing either of these acts.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-11

Article 11

Meaning of default

1. The debtor and the creditor may at any time agree in writing as to the

events that constitute a default or otherwise give rise to the rights and remedies

specified in Articles 8 to 10 and 13.

2. Where the debtor and the creditor have not so agreed, “default” for the

purposes of Articles 8 to 10 and 13 means a default which substantially deprives

the creditor of what it is entitled to expect under the agreement.

Article 12

Additional remedies

Any additional remedies permitted by the applicable law, including any

remedies agreed upon by the parties, may be exercised to the extent that they are

not inconsistent with the mandatory provisions of this Chapter as set out in

Article 15.

Article 13

Relief pending final determination

1. Subject to any declaration that it may make under Article 55,

a Contracting State shall ensure that a creditor who adduces evidence of default

by the debtor may, pending final determination of its claim and to the extent that

the debtor has at any time so agreed, obtain from a court speedy relief in the form

of such one or more of the following orders as the creditor requests:

(a) preservation of the object and its value;

(b) possession, control or custody of the object;

(d) lease or, except where covered by sub-paragraphs (a) to (c),

management of the object and the income therefrom.

2. In making any order under the preceding paragraph, the court may impose

such terms as it considers necessary to protect the interested persons in the event

that the creditor:

(a) in implementing any order granting such relief, fails to perform

any of its obligations to the debtor under this Convention or the Protocol; or

(b) fails to establish its claim, wholly or in part, on the final determination

of that claim.

3. Before making any order under paragraph 1, the court may require notice

of the request to be given to any of the interested persons.

4. Nothing in this Article affects the application of Article 8(3) or limits the

availability of forms of interim relief other than those set out in paragraph 1.

Article 14

Procedural requirements

Subject to Article 54(2), any remedy provided by this Chapter shall be

exercised in conformity with the procedure prescribed by the law of the place

where the remedy is to be exercised.

11-12 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

Article 15

Derogation

In their relations with each other, any two or more of the parties referred to

in this Chapter may at any time, by agreement in writing, derogate from or vary

the effect of any of the preceding provisions of this Chapter except Articles 8(3)

to (6), 9(3) and (4),13(2) and 14.

CHAPTER IV

THE INTERNATIONAL REGISTRATION SYSTEM

Article 16

The International Registry

1. An International Registry shall be established for registrations of:

(a) international interests, prospective international interests and

registrable non-consensual rights and interests;

(b) assignments and prospective assignments of international interests;

subrogations under the applicable law;

(d) notices of national interests; and

(e) subordinations of interests referred to in any of the preceding

sub-paragraphs.

2. Different international registries may be established for different

categories of object and associated rights.

3. For the purposes of this Chapter and Chapter V, the term “registration”

includes, where appropriate, an amendment, extension or discharge of a

registration.

Article 17

The Supervisory Authority and the Registrar

1. There shall be a supervisory authority as provided by the Protocol.

2. The supervisory authority shall:

(a) establish or provide for the establishment of the international

registry;

(b) except as otherwise provided by the Protocol, appoint and dismiss

the Registrar;

of the international registry in the event of a change of Registrar will vest in

or be assignable to the new Registrar;

(d) after consultation with the Contracting States, make or approve and

ensure the publication of regulations pursuant to the Protocol dealing with

the operation of the international registry;

(e) establish administrative procedures through which complaints

concerning the operation of the international registry can be made to the

Supervisory Authority;

(f) supervise the Registrar and the operation of the international

registry;

(g) at the request of the Registrar, provide such guidance to the

Registrar as the supervisory authority thinks fit;

(h) set and periodically review the structure of fees to be charged for

the services and facilities of the international registry;

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-13

(i) do all things necessary to ensure that an efficient notice-based

electronic registration system exists to implement the objectives of this

Convention and the Protocol; and

(j) report periodically to Contracting States concerning the discharge

of its obligations under this Convention and the Protocol.

3. The supervisory authority may enter into any agreement requisite for the

performance of its functions, including any agreement referred to in Article 27(3).

4. The supervisory authority shall own all proprietary rights in the databases

and archives of the International Registry.

5. The Registrar shall ensure the efficient operation of the international

registry and perform the functions assigned to it by this Convention, the Protocol

and the regulations.

CHAPTER V

OTHER MATTERS RELATING TO REGISTRATION

Article 18

Registration requirements

1. The Protocol and regulations shall specify the requirements, including the

criteria for the identification of the object:

(a) for effecting a registration (which shall include provision for prior

electronic transmission of any consent from any person whose consent is

required under Article 20);

(b) for making searches and issuing search certificates, and, subject

thereto;

the International Registry other than information and documents relating to

a registration.

2. The Registrar shall not be under a duty to enquire whether a consent to

registration under Article 20 has in fact been given or is valid.

3. Where an interest registered as a prospective international interest

becomes an international interest, no further registration shall be required

provided that the registration information is sufficient for a registration of an

international interest.

4. The Registrar shall arrange for registrations to be entered into the

International Registry database and made searchable in chronological order of

receipt, and the file shall record the date and time of receipt.

5. The Protocol may provide that a Contracting State may designate an entity

or entities in its territory as the entry point or entry points through which the

information required for registration shall or may be transmitted to the

International Registry. A Contracting State making such a designation may

specify the requirements, if any, to be satisfied before such information is

transmitted to the International Registry.

Article 19

Validity and time of registration

1. A registration shall be valid only if made in conformity with Article 20.

2. A registration, if valid, shall be complete upon entry of the required

information into the International Registry database so as to be searchable.

11-14 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

3. A registration shall be searchable for the purposes of the preceding

paragraph at the time when:

(a) the International Registry has assigned to it a sequentially ordered

file number; and

(b) the registration information, including the file number, is stored in

durable form and may be accessed at the International Registry.

4. If an interest first registered as a prospective international interest

becomes an international interest, that international interest shall be treated as

registered from the time of registration of the prospective international interest

provided that the registration was still current immediately before the

international interest was constituted as provided by Article 7.

5. The preceding paragraph applies with necessary modifications to the

registration of a prospective assignment of an international interest.

6. A registration shall be searchable in the International Registry database

according to the criteria prescribed by the Protocol.

Article 20

Consent to registration

1. An international interest, a prospective international interest or an

assignment or prospective assignment of an international interest may be

registered, and any such registration amended or extended prior to its expiry, by

either party with the consent in writing of the other.

2. The subordination of an international interest to another international

interest may be registered by or with the consent in writing at any time of the

person whose interest has been subordinated.

3. A registration may be discharged by or with the consent in writing of the

party in whose favour it was made.

4. The acquisition of an international interest by legal or contractual

subrogation may be registered by the subrogee.

5. A registrable non-consensual right or interest may be registered by the

holder thereof.

6. A notice of a national interest may be registered by the holder thereof.

Article 21

Duration of registration

Registration of an international interest remains effective until discharged

or until expiry of the period specified in the registration.

Article 22

Searches

1. Any person may, in the manner prescribed by the Protocol and

regulations, make or request a search of the International Registry by electronic

means concerning interests or prospective international interests registered

therein.

2. Upon receipt of a request therefor, the Registrar, in the manner prescribed

by the Protocol and regulations, shall issue a registry search certificate by

electronic means with respect to any object:

(a) stating all registered information relating thereto, together with

a statement indicating the date and time of registration of such

information; or

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-15

(b) stating that there is no information in the International Registry

relating thereto.

3. A search certificate issued under the preceding paragraph shall indicate

that the creditor named in the registration information has acquired or intends to

acquire an international interest in the object but shall not indicate whether what

is registered is an international interest or a prospective international interest, even

if this is ascertainable from the relevant registration information.

Article 23

List of declarations and declared non-consensual rights or interests

The Registrar shall maintain a list of declarations, withdrawals of

declaration and of the categories of non-consensual right or interest

communicated to the Registrar by the Depositary as having been declared by

Contracting States in conformity with Articles 39 and 40 and the date of each such

declaration or withdrawal of declaration. Such list shall be recorded and

searchable in the name of the declaring State and shall be made available as

provided in the Protocol and regulations to any person requesting it.

Article 24

Evidentiary value of certificates

A document in the form prescribed by the regulations which purports to be

a certificate issued by the International Registry is prima facie proof,––

(a) that it has been so issued; and

(b) of the facts recited in it, including the date and time of a

registration.

Article 25

Discharge of registration

1. Where the obligations secured by a registered security interest or the

obligations giving rise to a registered non-consensual right or interest have been

discharged, or where the conditions of transfer of title under a registered title

reservation agreement have been fulfilled, the holder of such interest shall,

without undue delay, procure the discharge of the registration after written

demand by the debtor delivered to or received at its address stated in the

registration.

2. Where a prospective international interest or a prospective assignment of

an international interest has been registered, the intending creditor or intending

assignee shall, without undue delay, procure the discharge of the registration after

written demand by the intending debtor or assignor which is delivered to or

received at its address stated in the registration before the intending creditor or

assignee has given value or incurred a commitment to give value.

3. Where the obligations secured by a national interest specified in a

registered notice of a national interest have been discharged, the holder of such

interest shall, without undue delay, procure the discharge of the registration after

written demand by the debtor delivered to or received at its address stated in the

registration.

4. Where a registration ought not to have been made or is incorrect, the

person in whose favour the registration was made shall, without undue delay,

procure its discharge or amendment after written demand by the debtor delivered

to or received at its address stated in the registration.

11-16 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

Article 26

Access to the international registration facilities

No person shall be denied access to the registration and search facilities of

the International Registry on any ground other than its failure to comply with the

procedures prescribed by this Chapter.

CHAPTER VI

PRIVILEGES AND IMMUNITIES OF THE SUPERVISORY AUTHORITY AND THE

REGISTRAR

Article 27

Legal personality; immunity

1. The Supervisory Authority shall have international legal personality

where not already possessing such personality.

2. The Supervisory Authority and its officers and employees shall enjoy

such immunity from legal or administrative process as is specified in the Protocol.

3. (a) The Supervisory Authority shall enjoy exemption from taxes and such

other privileges as may be provided by agreement with the host State.

(b) For the purposes of this paragraph, “host State” means the State in which

the Supervisory Authority is situated.

4. The assets, documents, databases and archives of the International Registry

shall be inviolable and immune from seizure or other legal or administrative

process.

5. For the purposes of any claim against the Registrar under Article 28(1) or

Article 44, the claimant shall be entitled to access to such information and

documents as are necessary to enable the claimant to pursue its claim.

6. The Supervisory Authority may waive the inviolability and immunity

conferred by paragraph 4.

CHAPTER VII

LIABILITY OF THE REGISTRAR

Article 28

Liability and financial assurances

1. The Registrar shall be liable for compensatory damages for loss suffered

by a person directly resulting from an error or omission of the Registrar and its

officers and employees or from a malfunction of the international registration

system except where the malfunction is caused by an event of an inevitable and

irresistible nature, which could not be prevented by using the best practices in

current use in the field of electronic registry design and operation, including those

related to back-up and systems security and networking.

2. The Registrar shall not be liable under the preceding paragraph for factual

inaccuracy of registration information received by the Registrar or transmitted by

the Registrar in the form in which it received that information nor for acts or

circumstances for which the Registrar and its officers and employees are not

responsible and arising prior to receipt of registration information at the

International Registry.

3. Compensation under paragraph 1 may be reduced to the extent that the

person who suffered the damage caused or contributed to that damage.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-17

4. The Registrar shall procure insurance or a financial guarantee covering

the liability referred to in this Article to the extent determined by the Supervisory

Authority, in accordance with the Protocol.

CHAPTER VIII

EFFECTS OF AN INTERNATIONAL INTEREST AS AGAINST THIRD PARTIES

Article 29

Priority of competing interests

1. A registered interest has priority over any other interest subsequently

registered and over an unregistered interest.

2. The priority of the first-mentioned interest under the preceding paragraph

applies,—

(a) even if the first-mentioned interest was acquired or registered with

actual knowledge of the other interest; and

(b) even as regards value given by the holder of the first-mentioned

interest with such knowledge.

3. The buyer of an object acquires its interest in it,—

(a) subject to an interest registered at the time of its acquisition of that

interest; and

(b) free from an unregistered interest even if it has actual knowledge

of such an interest.

4. The conditional buyer or lessee acquires its interest in or right over that

object,—

(a) subject to an interest registered prior to the registration of the

international interest held by its conditional seller or lessor; and

(b) free from an interest not so registered at that time even if it has

actual knowledge of that interest.

5. The priority of competing interests or rights under this Article may be

varied by agreement between the holders of those interests, but an assignee of a

subordinated interest is not bound by an agreement to subordinate that interest

unless at the time of the assignment a subordination had been registered relating

to that agreement.

6. Any priority given by this Article to an interest in an object extends to

proceeds.

7. This Convention,—

(a) does not affect the rights of a person in an item, other than an

object, held prior to its installation on an object if under the applicable law

those rights continue to exist after the installation; and

(b) does not prevent the creation of rights in an item, other than an

object, which has previously been installed on an object where under the

applicable law those rights are created.

Article 30

Effects of insolvency

1. In insolvency proceedings against the debtor an international interest is

effective if prior to the commencement of the insolvency proceedings that interest

was registered in conformity with this Convention.

11-18 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

2. Nothing in this Article impairs the effectiveness of an international

interest in the insolvency proceedings where that interest is effective under the

applicable law.

3. Nothing in this Article affects,—

(a) any rules of law applicable in insolvency proceedings relating to

the avoidance of a transaction as a preference or a transfer in fraud of

creditors; or

(b) any rules of procedure relating to the enforcement of rights to

property which is under the control or supervision of the insolvency

administrator.

CHAPTER IX

ASSIGNMENTS OF ASSOCIATED RIGHTS AND INTERNATIONAL INTERESTS;

RIGHTS OF SUBROGATION

Article 31

Effects of assignment

1. Except as otherwise agreed by the parties, an assignment of associated

rights made in conformity with Article 32 also transfers to the assignee,—

(a) the related international interest; and

(b) all the interests and priorities of the assignor under this

Convention.

2. Nothing in this Convention prevents a partial assignment of the assignor’s

associated rights. In the case of such a partial assignment the assignor and

assignee may agree as to their respective rights concerning the related

international interest assigned under the preceding paragraph but not so as

adversely to affect the debtor without its consent.

3. Subject to paragraph 4, the applicable law shall determine the defences

and rights of set-off available to the debtor against the assignee.

4. The debtor may at any time by agreement in writing waive all or any of

the defences and rights of set-off referred to in the preceding paragraph other than

defences arising from fraudulent acts on the part of the assignee.

5. In the case of an assignment by way of security, the assigned associated

rights revest in the assignor, to the extent that they are still subsisting, when the

obligations secured by the assignment have been discharged.

Article 32

Formal requirements of assignment

1. An assignment of associated rights transfers the related international

interest only if it,—

(a) is in writing;

(b) enables the associated rights to be identified under the contract

from which they arise; and

obligations secured by the assignment to be determined in accordance with

the Protocol but without the need to state a sum or maximum sum secured.

2. An assignment of an international interest created or provided for by a

security agreement is not valid unless some or all related associated rights also are

assigned.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-19

3. This Convention does not apply to an assignment of associated rights

which is not effective to transfer the related international interest.

Article 33

Debtor’s duty to assignee

1. To the extent that associated rights and the related international interest

have been transferred in accordance with Articles 31 and 32, the debtor in relation

to those rights and that interest is bound by the assignment and has a duty to make

payment or give other performance to the assignee, if but only if,—

(a) the debtor has been given notice of the assignment in writing by or

with the authority of the assignor; and

(b) the notice identifies the associated rights.

2. Irrespective of any other ground on which payment or performance by the

debtor discharges the latter from liability, payment or performance shall be

effective for this purpose if made in accordance with the preceding paragraph.

3. Nothing in this Article shall affect the priority of competing assignments.

Article 34

Default remedies in respect of assignment by way of security

In the event of default by the assignor under the assignment of associated

rights and the related international interest made by way of security, Articles 8, 9

and 11 to 14 apply in the relations between the assignor and the assignee (and, in

relation to associated rights, apply in so far as those provisions are capable of

application to intangible property) as if references,—

(a) to the secured obligation and the security interest were references to the

obligation secured by the assignment of the associated rights and the related

international interest and the security interest created by that assignment;

(b) to the chargee or creditor and chargor or debtor were references to the

assignee and assignor;

and

(d) to the object were references to the assigned associated rights and the

related international interest.

Article 35

Priority of competing assignments

1. Where there are competing assignments of associated rights and at least

one of the assignments includes the related international interest and is registered,

the provisions of Article 29 apply as if the references to a registered interest were

references to an assignment of the associated rights and the related registered

interest and as if references to a registered or unregistered interest were references

to a registered or unregistered assignment.

2. Article 30 applies to an assignment of associated rights as if the references

to an international interest were references to an assignment of the associated

rights and the related international interest.

Article 36

Assignee’s priority with respect to associated rights

1. The assignee of associated rights and the related international interest

whose assignment has been registered only has priority under Article 35(1) over

another assignee of the associated rights:

11-20 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

(a) if the contract under which the associated rights arise states that

they are secured by or associated with the object; and

(b) to the extent that the associated rights are related to an object.

2. For the purposes of sub-paragraph (b) of the preceding paragraph,

associated rights are related to an object only to the extent that they consist of

rights to payment or performance that relate to:

(a) a sum advanced and utilised for the purchase of the object;

(b) a sum advanced and utilised for the purchase of another object in

which the assignor held another international interest if the assignor

transferred that interest to the assignee and the assignment has been

registered;

(d) the rentals payable in respect of the object; or

(e) other obligations arising from a transaction referred to in any of the

preceding sub-paragraphs.

3. In all other cases, the priority of the competing assignments of the

associated rights shall be determined by the applicable law.

Article 37

Effects of assignor’s insolvency

The provisions of Article 30 apply to insolvency proceedings against the

assignor as if references to the debtor were references to the assignor.

Article 38

Subrogation

1. Subject to paragraph 2, nothing in this Convention affects the acquisition

of associated rights and the related international interest by legal or contractual

subrogation under the applicable law.

2. The priority between any interest within the preceding paragraph and a

competing interest may be varied by agreement in writing between the holders of

the respective interests but an assignee of a subordinated interest is not bound by

an agreement to subordinate that interest unless at the time of the assignment a

subordination had been registered relating to that agreement.

CHAPTER X

RIGHTS OR INTERESTS SUBJECT TO DECLARATIONS BY CONTRACTING

STATES

Article 39

Rights having priority without registration

1. A Contracting State may at any time, in a declaration deposited with the

Depositary of the Protocol declare, generally or specifically:

(a) those categories of non-consensual right or interest (other than a

right or interest to which Article 40 applies) which under that State’s law

have priority over an interest in an object equivalent to that of the holder of

a registered international interest and which shall have priority over a

registered international interest, whether in or outside insolvency

proceedings; and

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-21

(b) that nothing in this Convention shall affect the right of a State or

State entity, intergovernmental organisation or other private provider of

public services to arrest or detain an object under the laws of that State for

payment of amounts owed to such entity, organisation or provider directly

relating to those services in respect of that object or another object.

2. A declaration made under the preceding paragraph may be expressed to

cover categories that are created after the deposit of that declaration.

3. A non-consensual right or interest has priority over an international

interest if and only if the former is of a category covered by a declaration

deposited prior to the registration of the international interest.

4. Notwithstanding the preceding paragraph, a Contracting State may, at

the time of ratification, acceptance, approval of, or accession to the Protocol,

declare that a right or interest of a category covered by a declaration made

under sub-paragraph (a) of paragraph 1 shall have priority over an

international interest registered prior to the date of such ratification,

acceptance, approval or accession.

Article 40

Registrable non-consensual rights or interests

A Contracting State may at any time in a declaration deposited with the

Depositary of the Protocol list the categories of non-consensual right or interest

which shall be registrable under this Convention as regards any category of object

as if the right or interest were an international interest and shall be regulated

accordingly. Such a declaration may be modified from time to time.

CHAPTER XI

APPLICATION OF THE CONVENTION TO SALES

Article 41

Sale and prospective sale

This Convention shall apply to the sale or prospective sale of an object as

provided for in the Protocol with any modifications therein.

CHAPTER XII

JURISDICTION

Article 42

Choice of forum

1. Subject to Articles 43 and 44, the courts of a Contracting State chosen by

the parties to a transaction have jurisdiction in respect of any claim brought under

this Convention, whether or not the chosen forum has a connection with the

parties or the transaction. Such jurisdiction shall be exclusive unless otherwise

agreed between the parties.

2. Any such agreement shall be in writing or otherwise concluded in

accordance with the formal requirements of the law of the chosen forum.

11-22 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

Article 43

Jurisdiction under Article 13

1. The courts of a Contracting State chosen by the parties and the courts of

the Contracting State on the territory of which the object is situated have

jurisdiction to grant relief under Article 13(1)(a), (b), (c) and Article 13(4) in

respect of that object.

2. Jurisdiction to grant relief under Article 13(1)(d) or other interim relief

by virtue of Article 13(4) may be exercised either:

(a) by the courts chosen by the parties; or

(b) by the courts of a Contracting State on the territory of which the

debtor is situated, being relief which, by the terms of the order granting it,

is enforceable only in the territory of that Contracting State.

3. A court has jurisdiction under the preceding paragraphs even if the final

determination of the claim referred to in Article 13(1) will or may take place in a

court of another Contracting State or by arbitration.

Article 44

Jurisdiction to make orders against the Registrar

1. The courts of the place in which the Registrar has its centre of

administration shall have exclusive jurisdiction to award damages or make orders

against the Registrar.

2. Where a person fails to respond to a demand made under Article 25 and

that person has ceased to exist or cannot be found for the purpose of enabling an

order to be made against it requiring it to procure discharge of the registration, the

courts referred to in the preceding paragraph shall have exclusive jurisdiction, on

the application of the debtor or intending debtor, to make an order directed to the

Registrar requiring the Registrar to discharge the registration.

3. Where a person fails to comply with an order of a court having jurisdiction

under this Convention or, in the case of a national interest, an order of a court of

competent jurisdiction requiring that person to procure the amendment or

discharge of a registration, the courts referred to in paragraph 1 may direct the

Registrar to take such steps as will give effect to that order.

4. Except as otherwise provided by the preceding paragraphs, no court may

make orders or give judgments or rulings against or purporting to bind the

Registrar.

Article 45

Jurisdiction in respect of insolvency proceedings

The provisions of this Chapter are not applicable to insolvency proceedings.

CHAPTER XIII

RELATIONSHIP WITH OTHER CONVENTIONS

Article 45 bis

Relationship with the United Nations Convention on the Assignment of

Receivables in International Trade

This Convention shall prevail over the United Nations Convention on the

Assignment of Receivables in International Trade, opened for signature in New

York on 12 December 2001, as it relates to the assignment of receivables which

are associated rights related to international interests in aircraft objects, railway

rolling stock and space assets.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-23

Article 46

Relationship with the UNIDROIT Convention on International Financial

Leasing

The Protocol may determine the relationship between this Convention and

the UNIDROIT Convention on International Financial Leasing, signed at Ottawa

on 28 May 1988.

CHAPTER XIV

FINAL PROVISIONS

Article 47

Signature, ratification, acceptance, approval or accession

1. This Convention shall be open for signature in Cape Town on

16 November 2001 by States participating in the Diplomatic Conference to Adopt

a Mobile Equipment Convention and an Aircraft Protocol held at Cape Town from

29 October to 16 November 2001. After 16 November 2001, the Convention shall

be open to all States for signature at the Headquarters of the International Institute

for the Unification of Private Law (UNIDROIT) in Rome until it enters into force

in accordance with Article 49.

2. This Convention shall be subject to ratification, acceptance or approval

by States which have signed it.

3. Any State which does not sign this Convention may accede to it at any

time.

4. Ratification, acceptance, approval or accession is effected by the deposit

of a formal instrument to that effect with the Depositary.

Article 48

Regional Economic Integration Organisations

1. A Regional Economic Integration Organisation which is constituted by

sovereign States and has competence over certain matters governed by this

Convention may similarly sign, accept, approve or accede to this Convention. The

Regional Economic Integration Organisation shall in that case have the rights and

obligations of a Contracting State, to the extent that that Organisation has

competence over matters governed by this Convention. Where the number of

Contracting States is relevant in this Convention, the Regional Economic

Integration Organisation shall not count as a Contracting State in addition to its

Member States which are Contracting States.

2. The Regional Economic Integration Organisation shall, at the time of

signature, acceptance, approval or accession, make a declaration to the Depositary

specifying the matters governed by this Convention in respect of which

competence has been transferred to that Organisation by its Member States. The

Regional Economic Integration Organisation shall promptly notify the Depositary

of any changes to the distribution of competence, including new transfers of

competence, specified in the declaration under this paragraph.

3. Any reference to a “Contracting State” or “Contracting States” or “State

Party” or “States Parties” in this Convention applies equally to a Regional

Economic Integration Organisation where the context so requires.

Article 49

Entry into force

1. This Convention enters into force on the first day of the month following

the expiration of three months after the date of the deposit of the third instrument

of ratification, acceptance, approval or accession but only as regards a category

of objects to which a Protocol applies:

11-24 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

(a) as from the time of entry into force of that Protocol;

(b) subject to the terms of that Protocol; and

2. For other States this Convention enters into force on the first day of the

month following the expiration of three months after the date of the deposit of

their instrument of ratification, acceptance, approval or accession but only as

regards a category of objects to which a Protocol applies and subject, in relation

to such Protocol, to the requirements of sub-paragraphs (a), (b) and (c) of the

preceding paragraph.

Article 50

Internal transactions

1. A Contracting State may, at the time of ratification, acceptance, approval

of, or accession to the Protocol, declare that this Convention shall not apply to a

transaction which is an internal transaction in relation to that State with regard to

all types of objects or some of them.

2. Notwithstanding the preceding paragraph, the provisions of Articles 8(4),

9(1), 16, Chapter V, Article 29, and any provisions of this Convention relating to

registered interests shall apply to an internal transaction.

3. Where notice of a national interest has been registered in the International

Registry, the priority of the holder of that interest under Article 29 shall not be

affected by the fact that such interest has become vested in another person by

assignment or subrogation under the applicable law.

Article 51

Future Protocols

1. The Depositary may create working groups, in co-operation with such

relevant non-governmental organisations as the Depositary considers appropriate,

to assess the feasibility of extending the application of this Convention, through

one or more Protocols, to objects of any category of high-value mobile equipment,

other than a category referred to in Article 2(3), each member of which is uniquely

identifiable, and associated rights relating to such objects.

2. The Depositary shall communicate the text of any preliminary draft

Protocol relating to a category of objects prepared by such a working group to all

States Parties to this Convention, all member States of the Depositary, member

States of the United Nations which are not members of the Depositary and the

relevant intergovernmental organisations, and shall invite such States and

organisations to participate in intergovernmental negotiations for the completion

of a draft Protocol on the basis of such a preliminary draft Protocol.

3. The Depositary shall also communicate the text of any preliminary draft

Protocol prepared by such a working group to such relevant non-governmental

organisations as the Depositary considers appropriate.Such non-governmental

organisations shall be invited promptly to submit comments on the text of the

preliminary draft Protocol to the Depositary and to participate as observers in the

preparation of a draft Protocol.

4. When the competent bodies of the Depositary adjudge such a draft

Protocol ripe for adoption, the Depositary shall convene a diplomatic conference

for its adoption.

5. Once such a Protocol has been adopted, subject to paragraph 6, this

Convention shall apply to the category of objects covered thereby.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-25

6. Article 45 bis of this Convention applies to such a Protocol only if

specifically provided for in that Protocol.

Article 52

Territorial units

1. If a Contracting State has territorial units in which different systems of

law are applicable in relation to the matters dealt with in this Convention, it may,

at the time of ratification, acceptance, approval or accession, declare that this

Convention is to extend to all its territorial units or only to one or more of them

and may modify its declaration by submitting another declaration at any time.

2. Any such declaration shall state expressly the territorial units to which

this Convention applies.

3. If a Contracting State has not made any declaration under paragraph 1,

this Convention shall apply to all territorial units of that State.

4. Where a Contracting State extends this Convention to one or more of its

territorial units, declarations permitted under this Convention may be made in

respect of each such territorial unit, and the declarations made in respect of one

territorial unit may be different from those made in respect of another territorial

unit.

5. If by virtue of a declaration under paragraph 1, this Convention extends

to one or more territorial units of a Contracting State:

(a) the debtor is considered to be situated in a Contracting State only

if it is incorporated or formed under a law in force in a territorial unit to

which this Convention applies or if it has its registered office or statutory

seat, centre of administration, place of business or habitual residence in a

territorial unit to which this Convention applies;

(b) any reference to the location of the object in a Contracting State

refers to the location of the object in a territorial unit to which this

Convention applies; and

State shall be construed as referring to the administrative authorities having

jurisdiction in a territorial unit to which this Convention applies.

Article 53

Determination of courts

A Contracting State may, at the time of ratification, acceptance, approval of,

or accession to the Protocol, declare the relevant “court” or “courts” for the

purposes of Article 1 and Chapter XII of this Convention.

Article 54

Declarations regarding remedies

1. A Contracting State may, at the time of ratification, acceptance, approval

of, or accession to the Protocol, declare that while the charged object is situated

within, or controlled from its territory the chargee shall not grant a lease of the

object in that territory.

2. A Contracting State shall, at the time of ratification, acceptance, approval

of, or accession to the Protocol, declare whether or not any remedy available to

the creditor under any provision of this Convention which is not there expressed

to require application to the court may be exercised only with leave of the court.

11-26 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

Article 55

Declarations regarding relief pending final determination

A Contracting State may, at the time of ratification, acceptance, approval

of, or accession to the Protocol, declare that it will not apply the provisions of

Article 13 or Article 43, or both, wholly or in part. The declaration shall specify

under which conditions the relevant Article will be applied, in case it will be

applied partly, or otherwise which other forms of interim relief will be applied.

Article 56

Reservations and declarations

1. No reservations may be made to this Convention but declarations

authorised by Articles 39, 40, 50, 52, 53, 54, 55, 57, 58 and 60 may be made in

accordance with these provisions.

2. Any declaration or subsequent declaration or any withdrawal of a

declaration made under this Convention shall be notified in writing to the

Depositary.

Article 57

Subsequent declarations

1. A State Party may make a subsequent declaration, other than a declaration

authorised under Article 60, at any time after the date on which this Convention

has entered into force for it, by notifying the Depositary to that effect.

2. Any such subsequent declaration shall take effect on the first day of the

month following the expiration of six months after the date of receipt of the

notification by the Depositary. Where a longer period for that declaration to take

effect is specified in the notification, it shall take effect upon the expiration of

such longer period after receipt of the notification by the Depositary.

3. Notwithstanding the previous paragraphs, this Convention shall continue

to apply, as if no such subsequent declarations had been made, in respect of all

rights and interests arising prior to the effective date of any such subsequent

declaration.

Article 58

Withdrawal of declarations

1. Any State Party having made a declaration under this Convention, other

than a declaration authorised under Article 60, may withdraw it at any time by

notifying the Depositary. Such withdrawal is to take effect on the first day of the

month following the expiration of six months after the date of receipt of the

notification by the Depositary.

2. Notwithstanding the previous paragraph, this Convention shall continue

to apply, as if no such withdrawal of declaration had been made, in respect of all

rights and interests arising prior to the effective date of any such withdrawal.

Article 59

Denunciations

1. Any State Party may denounce this Convention by notification in writing

to the Depositary.

2. Any such denunciation shall take effect on the first day of the month

following the expiration of twelve months after the date on which notification is

received by the Depositary.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-27

3. Notwithstanding the previous paragraphs, this Convention shall continue

to apply, as if no such denunciation had been made, in respect of all rights and

interests arising prior to the effective date of any such denunciation.

Article 60

Transitional provisions

1. Unless otherwise declared by a Contracting State at any time, the

Convention does not apply to a pre-existing right or interest, which retains the

priority it enjoyed under the applicable law before the effective date of this

Convention.

2. For the purposes of Article 1(v) and of determining priority under this

Convention:

(a) “effective date of this Convention” means in relation to a debtor

the time when this Convention enters into force or the time when the State

in which the debtor is situated becomes a Contracting State, whichever is

the later; and

(b) the debtor is situated in a State where it has its centre of administration

or, if it has no centre of administration, its place of business or, if it has more

than one place of business, its principal place of business or, if it has no

place of business, its habitual residence.

3. A Contracting State may in its declaration under paragraph 1 specify a

date, not earlier than three years after the date on which the declaration becomes

effective, when this Convention and the Protocol will become applicable, for the

purpose of determining priority, including the protection of any existing priority,

to pre-existing rights or interests arising under an agreement made at a time when

the debtor was situated in a State referred to in sub-paragraph (b) of the preceding

paragraph but only to the extent and in the manner specified in its declaration.

Article 61

Review Conferences, amendments and related matters

1. The Depositary shall prepare reports yearly or at such other time as the

circumstances may require for the States Parties as to the manner in which the

international regimen established in this Convention has operated in practice. In

preparing such reports, the Depositary shall take into account the reports of the

Supervisory Authority concerning the functioning of the international registration

system.

2. At the request of not less than twenty-five per cent. of the States Parties,

Review Conferences of States Parties shall be convened from time to time by the

Depositary, in consultation with the Supervisory Authority, to consider:

(a) the practical operation of this Convention and its effectiveness in

facilitating the asset-based financing and leasing of the objects covered by

its terms;

(b) the judicial interpretation given to, and the application made of the

terms of this Convention and the regulations;

performance of the Registrar and its oversight by the Supervisory Authority,

taking into account the reports of the Supervisory Authority; and

(d) whether any modifications to this Convention or the arrangements

relating to the International Registry are desirable.

11-28 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

3. Subject to paragraph 4, any amendment to this Convention shall be

approved by at least a two-thirds majority of States Parties participating in the

Conference referred to in the preceding paragraph and shall then enter into force

in respect of States which have ratified, accepted or approved such amendment

when ratified, accepted, or approved by three States in accordance with the

provisions of Article 49 relating to its entry into force.

4. Where the proposed amendment to this Convention is intended to apply

to more than one category of equipment, such amendment shall also be approved

by at least a two-thirds majority of States Parties to each Protocol that are

participating in the Conference referred to in paragraph 2.

Article 62

Depositary and its functions

1. Instruments of ratification, acceptance, approval or accession shall be

deposited with the International Institute for the Unification of Private Law

(UNIDROIT), which is hereby designated the Depositary.

2. The Depositary shall:

(a) inform all Contracting States of:

(i) each new signature or deposit of an instrument of ratification,

acceptance, approval or accession, together with the date thereof;

(ii) the date of entry into force of this Convention;

(iii) each declaration made in accordance with this Convention,

together with the date thereof;

(iv) the withdrawal or amendment of any declaration, together

with the date thereof; and

(v) the notification of any denunciation of this Convention

together with the date thereof and the date on which it takes effect;

(b) transmit certified true copies of this Convention to all Contracting

States;

each instrument of ratification, acceptance, approval or accession, together

with the date of deposit thereof, of each declaration or withdrawal or

amendment of a declaration and of each notification of denunciation,

together with the date of notification thereof, so that the information

contained therein is easily and fully available; and

(d) perform such other functions customary for depositaries.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-29

THE SECOND SCHEDULE

[See clause (i) of sub-section (1) of section 2]

DECLARATIONS LODGED BY THE REPUBLIC OF INDIA UNDER THE CONVENTION

ON INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT AT THE TIME OF THE DEPOSIT

OF ITS INSTRUMENT OF ACCESSION

(i) Form No. 1 [Specific declaration under Article 39(1)(a)]

The following categories of non-consensual right or interest have priority under

its laws over an interest in an aircraft object equivalent to that of the holder of a

registered international interest and shall have priority over a registered international

interest, whether in or outside insolvency proceedings, namely:—

(a) liens in favour of airline employees for unpaid wages arising since the

time of a declared default by that airline under a contract to finance or lease and

aircraft object;

(b) liens or other rights of an authority of India relating to taxes or other

unpaid charges arising from or related to the use of that aircraft object and owed

by the owner or operator of that aircraft object, arising since the time of a default

by that owner or operator under a contract to finance or lease that aircraft object;

and

extent of service or services performed on and value added to that aircraft object.

(ii) Form No. 4 [General declaration under Article 39(1)(b)]

Nothing in the Convention shall affect its right or that of any entity thereof, or

any intergovernmental organisation in which India is a member, or other private

provider of public services in India, to arrest or detain an aircraft object under its laws

for payment of amounts owed to the Government of India, any such entity,

organisation or provider directly relating to the service or services provided by it in

respect of that object or another aircraft object.

(iii) Form No. 6 (Declaration under Article 40)

The following categories of non-consensual right or interest shall be registrable

under the Convention as regards any category of aircraft object as if the right or

interest were an international interest and shall be regulated accordingly, namely:—

(a) liens in favour of airline employees for unpaid wages arising prior to

the time of a declared default by that airline under a contract to finance or lease

an aircraft object;

(b) liens or other rights of an authority of India relating to taxes or other

unpaid charges arising from or related to the use of an aircraft object and owed

by the owner or operator of that aircraft object, arising prior to the time of a

declared default by that owner or operator under a contract to finance or lease

that aircraft object; and

aircraft object in partial or full satisfaction of a legal judgment.

(iv) Form No. 10 (General declaration under Article 52)

The Convention shall apply to all its territorial units.

(v) Form No. 11 (Declaration under Article 53)

All the High Courts within their respective territorial jurisdiction are the

relevant courts for the purposes of Article 1 and Chapter XII of the Convention.

(vi) Form No. 13 [Mandatory declaration under Article 54(2)]

Any and all remedies available to the creditor under the Convention which are

not expressed under the relevant provision thereof to require application to the court

may be exercised without court action and without leave of the court.

11-30 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

DECLARATIONS LODGED BY THE REPUBLIC OF INDIA UNDER THE PROTOCOL TO

THE CONVENTION ON INTERNATIONAL INTERESTS IN MOBILE EQUIPMENT ON

MATTERS SPECIFIC TO AIRCRAFT EQUIPMENT AT THE TIME OF THE DEPOSIT OF ITS

INSTRUMENT OF ACCESSION

(i) Form No. 19 [Declaration under Article XXX(1) in respect of

Article VIII]

India will apply Article VIII.

(ii) Form No. 21 [Declaration under Article XXX(2) in respect of

Article X providing for the application of the entirety of Article X]

India will apply Article X of the Protocol in its entirety and the number of

working days to be used for the purposes of the time limit laid down in

Article X(2) of the Protocol shall be that equal to no more than:

(a) ten (10) working days in respect of the remedies specified in

Article 13(1)(a), (b) and (c) of the Convention (respectively, preservation of

aircraft objects and their value; possession, control or custody of aircraft

objects; and, immobilization of aircraft objects); and

(b) thirty (30) working days in respect of the remedies specified in

Article 13(1) (d) and (e) of the Convention (respectively, lease or management

of aircraft objects and the income thereof; and, sale and application of

proceeds from aircraft objects).

(iii) Form No. 23 [General declaration under Article XXX(3) in

respect of Article XI providing for the application of Alternative A in its

entirety to all types of insolvency proceeding]

India will apply Article XI, Alternative A, of the Protocol in its entirety to

all types of insolvency proceedings, and that the waiting period for the purposes

of Article XI(3) of that Alternative shall be two (2) calendar months.

(iv) Form No.26 [Declaration under Article XXX(1) in respect of Article XII]

India will apply Article XII.

(v) Form No. 27 [Declaration under Article XXX(1) in respect of Article XIII]

India will apply Article XIII.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-31

THE THIRD SCHEDULE

[See clause (m) of sub-section (1) of section 2]

PROVISIONS OF THE PROTOCOL TO THE CONVENTION ON INTERNATIONAL

INTERESTS IN MOBILE EQUIPMENT ON MATTERS SPECIFIC TO AIRCRAFT

EQUIPMENT WHICH SHALL HAVE THE FORCE OF LAW

CHAPTER I

Sphere of application and general provisions

Article I

Defined terms

1. In this Protocol, except where the context otherwise requires, terms used

in it have the meanings set out in the Convention.

2. In this Protocol the following terms are employed with the meanings set

out below:

(a) “aircraft” means aircraft as defined for the purposes of the Chicago

Convention which are either airframes with aircraft engines installed

thereon or helicopters;

(b) “aircraft engines” means aircraft engines (other than those used in

military, customs or police services) powered by jet propulsion or turbine or

piston technology and:

(i) in the case of jet propulsion aircraft engines, have at least

1750 lb of thrust or its equivalent; and

(ii) in the case of turbine-powered or piston-powered aircraft

engines, have at least 550 rated take-off shaft horsepower or its

equivalent, together with all modules and other installed, incorporated

or attached accessories, parts and equipment and all data, manuals and

records relating thereto;

(d) “aircraft register” means a register maintained by a State or a

common mark registering authority for the purposes of the Chicago

Convention;

(e) “airframes” means airframes (other than those used in military,

customs or police services) that, when appropriate aircraft engines are

installed thereon, are type certified by the competent aviation authority to

transport:

(i) at least eight (8) persons including crew; or

(ii) goods in excess of 2750 kilograms, together with all

installed, incorporated or attached accessories, parts and equipment

(other than aircraft engines), and all data, manuals and records relating

thereto;

(f) “authorised party” means the party referred to in Article XIII(3);

(g) “Chicago Convention” means the Convention on International

Civil Aviation, signed at Chicago on 7 December 1944, as amended, and its

Annexes;

(h) “common mark registering authority” means the authority

maintaining a register in accordance with Article 77 of the Chicago Convention

as implemented by the Resolution adopted on 14 December 1967 by the

Council of the International Civil Aviation Organization on nationality and

registration of aircraft operated by international operating agencies;

11-32 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

(i) “de-registration of the aircraft” means deletion or removal of the

registration of the aircraft from its aircraft register in accordance with the

Chicago Convention;

(j) “guarantee contract” means a contract entered into by a person as

guarantor;

(k) “guarantor” means a person who, for the purpose of assuring

performance of any obligations in favour of a creditor secured by a security

agreement or under an agreement, gives or issues a suretyship or demand

guarantee or a standby letter of credit or any other form of credit insurance;

(l) “helicopters” means heavier-than-air machines (other than those used in

military, customs or police services) supported in flight chiefly by the reactions of

the air on one or more power-driven rotors on substantially vertical axes and

which are type certified by the competent aviation authority to transport:

(i) at least five (5) persons including crew; or

(ii) goods in excess of 450 kilograms, together with all installed,

incorporated or attached accessories, parts and equipment (including

rotors), and all data, manuals and records relating thereto;

(m) “insolvency-related event” means:

(i) the commencement of the insolvency proceedings; or

(ii) the declared intention to suspend or actual suspension of

payments by the debtor where the creditor’s right to institute insolvency

proceedings against the debtor or to exercise remedies under the

Convention is prevented or suspended by law or State action;

(n) “primary insolvency jurisdiction” means the Contracting State in

which the centre of the debtor’s main interests is situated, which for this

purpose shall be deemed to be the place of the debtor’s statutory seat or, if

there is none, the place where the debtor is incorporated or formed, unless

proved otherwise;

(o) “registry authority” means the national authority or the common

mark registering authority, maintaining an aircraft register in a Contracting

State and responsible for the registration and de-registration of an aircraft in

accordance with the Chicago Convention; and

(p) “State of registry” means, in respect of an aircraft, the State on the

national register of which an aircraft is entered or the State of location of the

common mark registering authority maintaining the aircraft register.

Article II

Application of Convention as regards aircraft objects

1. The Convention shall apply in relation to aircraft objects as provided by

the terms of this Protocol.

2. The Convention and this Protocol shall be known as the Convention on

International Interests in Mobile Equipment as applied to aircraft objects.

Article III

Application of Convention to sales

The following provisions of the Convention apply as if references to an

agreement creating or providing for an international interest were references to a

contract of sale and as if references to an international interest, a prospective

international interest, the debtor and the creditor were references to a sale, a

prospective sale, the seller and the buyer respectively: Articles 3 and 4;

Article 16(1)(a); Article 19(4); Article 20(1) (as regards registration of a contract of

sale or a prospective sale); Article 25(2) (as regards a prospective sale); and

Article 30.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-33

In addition, the general provisions of Article 1, Article 5, Chapters IV to

VII, Article 29 [other than Article 29(3) which is replaced by Articles XIV(1) and

(2)], Chapter X, Chapter XII (other than Article 43), Chapter XIII and Chapter

XIV (other than Article 60) shall apply to contracts of sale and prospective sales.

Article IV

Sphere of application

1. Without prejudice to Article 3(1) of the Convention, the Convention shall

also apply in relation to a helicopter, or to an airframe pertaining to an aircraft,

registered in an aircraft register of a Contracting State which is the State of

registry, and where such registration is made pursuant to an agreement for

registration of the aircraft it is deemed to have been effected at the time of the

agreement.

2. For the purposes of the definition of “internal transaction” in Article 1 of

the Convention:

(a) an airframe is located in the State of registry of the aircraft of which

it is a part;

(b) an aircraft engine is located in the State of registry of the aircraft

on which it is installed or, if it is not installed on an aircraft, where it is

physically located; and

conclusion of the agreement creating or providing for the interest.

3. The parties may, by agreement in writing, exclude the application of

Article XI and, in their relations with each other, derogate from or vary the effect

of any of the provisions of this Protocol except Article IX(2)-(4).

Article V

Formalities, effects and registration of contracts of sale

1. For the purposes of this Protocol, a contract of sale is one which:

(a) is in writing;

(b) relates to an aircraft object of which the seller has power to

dispose; and

Protocol.

2. A contract of sale transfers the interest of the seller in the aircraft object

to the buyer according to its terms.

3. Registration of a contract of sale remains effective indefinitely. Registration

of a prospective sale remains effective unless discharged or until expiry of the

period, if any, specified in the registration.

Article VI

Representative capacities

A person may enter into an agreement or a sale, and register an international

interest in, or a sale of, an aircraft object, in an agency, trust or other representative

capacity. In such case, that person is entitled to assert rights and interests under

the Convention.

Article VII

Description of aircraft objects

A description of an aircraft object that contains its manufacturer’s serial

number, the name of the manufacturer and its model designation is necessary and

sufficient to identify the object for the purposes of Article 7(c) of the Convention

and Article V(1)(c) of this Protocol.

11-34 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

Article VIII

Choice of law

1. This Article applies only where a Contracting State has made a declaration

pursuant to Article XXX(1).

2. The parties to an agreement, or a contract of sale, or a related guarantee

contract or subordination agreement may agree on the law which is to govern their

contractual rights and obligations, wholly or in part.

3. Unless otherwise agreed, the reference in the preceding paragraph to the

law chosen by the parties is to the domestic rules of law of the designated State

or, where that State comprises several territorial units, to the domestic law of the

designated territorial unit.

CHAPTER II

Default remedies, priorities and assignments

Article IX

Modification of default remedies provisions

1. In addition to the remedies specified in Chapter III of the Convention, the

creditor may, to the extent that the debtor has at any time so agreed and, in the

circumstances, specified in that Chapter:

(a) procure the de-registration of the aircraft; and

(b) procure the export and physical transfer of the aircraft object from

the territory in which it is situated.

2. The creditor shall not exercise the remedies specified in the preceding

paragraph without the prior consent in writing of the holder of any registered

interest ranking in priority to that of the creditor.

3. Article 8(3) of the Convention shall not apply to aircraft objects. Any

remedy given by the Convention in relation to an aircraft object shall be exercised

in a commercially reasonable manner. A remedy shall be deemed to be exercised

in a commercially reasonable manner where it is exercised in conformity with a

provision of the agreement except where such a provision is manifestly

unreasonable.

4. A chargee giving ten or more working days’ prior written notice of a

proposed sale or lease to interested persons shall be deemed to satisfy the

requirement of providing “reasonable prior notice” specified in Article 8(4) of the

Convention. The foregoing shall not prevent a chargee and a chargor or a

guarantor from agreeing to a longer period of prior notice.

5. The registry authority in a Contracting State shall, subject to any applicable

safety laws and regulations, honour a request for de-registration and export if:

(a) the request is properly submitted by the authorised party under a

recorded irrevocable de-registration and export request authorisation; and

(b) the authorised party certifies to the registry authority, if required

by that authority, that all registered interests ranking in priority to that of the

creditor in whose favour the authorisation has been issued have been

discharged or that the holders of such interests have consented to the

de-registration and export.

6. A chargee proposing to procure the de-registration and export of an

aircraft under paragraph 1 otherwise than pursuant to a court order shall give

reasonable prior notice in writing of the proposed de-registration and export to:

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-35

(a) interested persons specified in Article 1(m)(i) and (ii) of the

Convention; and

(b) interested persons specified in Article 1(m)(iii) of the Convention

who have given notice of their rights to the chargee within a reasonable time

prior to the de-registration and export.

Article X

Modification of provisions regarding relief pending final

determination

1. This Article applies only where a Contracting State has made a declaration

under Article XXX(2) and to the extent stated in such declaration.

2. For the purposes of Article 13(1) of the Convention, “speedy” in the

context of obtaining relief means within such number of working days from the

date of filing of the application for relief as is specified in a declaration made by

the Contracting State in which the application is made.

3. Article 13(1) of the Convention applies with the following being added

immediately after sub-paragraph (d): “(e) if at any time the debtor and the creditor

specifically agree, sale and application of proceeds therefrom”, and Article 43(2)

applies with the insertion after the words “Article 13(1)(d)” of the words “and (e)”.

4. Ownership or any other interest of the debtor passing on a sale under the

preceding paragraph is free from any other interest over which the creditor’s

international interest has priority under the provisions of Article 29 of the

Convention.

5. The creditor and the debtor or any other interested person may agree in

writing to exclude the application of Article 13(2) of the Convention.

6. With regard to the remedies in Article IX(1):

(a) they shall be made available by the registry authority and other

administrative authorities, as applicable, in a Contracting State no later than

five working days after the creditor notifies such authorities that the relief

specified in Article IX(1) is granted or, in the case of relief granted by a

foreign court, recognised by a court of that Contracting State, and that the

creditor is entitled to procure those remedies in accordance with the

Convention; and

(b) the applicable authorities shall expeditiously co-operate with and

assist the creditor in the exercise of such remedies in conformity with the

applicable aviation safety laws and regulations.

7. Paragraphs 2 and 6 shall not affect any applicable aviation safety laws

and regulations.

Article XI

Remedies on insolvency

1. This Article applies only where a Contracting State that is the primary

insolvency jurisdiction has made a declaration pursuant to Article XXX(3).

Alternative A

2. Upon the occurrence of an insolvency-related event, the insolvency

administrator or the debtor, as applicable, shall, subject to paragraph 7, give

possession of the aircraft object to the creditor no later than the earlier of:

(a) the end of the waiting period; and

11-36 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

(b) the date on which the creditor would be entitled to possession of

the aircraft object if this Article did not apply.

3. For the purposes of this Article, the “waiting period” shall be the period

specified in a declaration of the Contracting State which is the primary insolvency

jurisdiction.

4. References in this Article to the “insolvency administrator” shall be to

that person in its official, not in its personal, capacity.

5. Unless and until the creditor is given the opportunity to take possession

under paragraph 2:

(a) the insolvency administrator or the debtor, as applicable, shall

preserve the aircraft object and maintain it and its value in accordance with

the agreement; and

(b) the creditor shall be entitled to apply for any other forms of interim

relief available under the applicable law.

6. Sub-paragraph (a) of the preceding paragraph shall not preclude the use

of the aircraft object under arrangements designed to preserve the aircraft object

and maintain it and its value.

7. The insolvency administrator or the debtor, as applicable, may retain

possession of the aircraft object where, by the time specified in paragraph 2, it has

cured all defaults other than a default constituted by the opening of insolvency

proceedings and has agreed to perform all future obligations under the agreement.

A second waiting period shall not apply in respect of a default in the performance

of such future obligations.

8. With regard to the remedies in Article IX(1):

(a) they shall be made available by the registry authority and the

administrative authorities in a Contracting State, as applicable, no later than

five working days after the date on which the creditor notifies such

authorities that it is entitled to procure those remedies in accordance with

the Convention; and

(b) the applicable authorities shall expeditiously co-operate with and

assist the creditor in the exercise of such remedies in conformity with the

applicable aviation safety laws and regulations.

9. No exercise of remedies permitted by the Convention or this Protocol may

be prevented or delayed after the date specified in paragraph 2.

10. No obligations of the debtor under the agreement may be modified

without the consent of the creditor.

11. Nothing in the preceding paragraph shall be construed to affect the

authority, if any, of the insolvency administrator under the applicable law to

terminate the agreement.

12. No rights or interests, except for non-consensual rights or interests of a

category covered by a declaration pursuant to Article 39(1), shall have priority in

insolvency proceedings over registered interests.

13. The Convention as modified by Article IX of this Protocol shall apply

to the exercise of any remedies under this Article.

Alternative B

2. Upon the occurrence of an insolvency-related event, the insolvency

administrator or the debtor, as applicable, upon the request of the creditor, shall

give notice to the creditor within the time specified in a declaration of a

Contracting State pursuant to Article XXX(3) whether it will:

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-37

(a) cure all defaults other than a default constituted by the opening of

insolvency proceedings and agree to perform all future obligations, under

the agreement and related transaction documents; or

(b) give the creditor the opportunity to take possession of the aircraft

object, in accordance with the applicable law.

3. The applicable law referred to in sub-paragraph (b) of the preceding

paragraph may permit the court to require the taking of any additional step or the

provision of any additional guarantee.

4. The creditor shall provide evidence of its claims and proof that its

international interest has been registered.

5. If the insolvency administrator or the debtor, as applicable, does not give

notice in conformity with paragraph 2, or when the insolvency administrator or

the debtor has declared that it will give the creditor the opportunity to take

possession of the aircraft object but fails to do so, the court may permit the creditor

to take possession of the aircraft object upon such terms as the court may order

and may require the taking of any additional step or the provision of any additional

guarantee.

6. The aircraft object shall not be sold pending a decision by a court regarding

the claim and the international interest.

Article XII

Insolvency assistance

1. This Article applies only where a Contracting State has made a

declaration pursuant to Article XXX(1).

2. The courts of a Contracting State in which an aircraft object is situated

shall, in accordance with the law of the Contracting State, co-operate to the

maximum extent possible with foreign courts and foreign insolvency

administrators in carrying out the provisions of Article XI.

Article XIII

De-registration and export request authorisation

1. This Article applies only where a Contracting State has made a declaration

pursuant to Article XXX(1).

2. Where the debtor has issued an irrevocable de-registration and export

request authorisation substantially in the form annexed to this Protocol and has

submitted such authorisation for recordation to the registry authority, that

authorisation shall be so recorded.

3. The person in whose favour the authorisation has been issued

(the “authorised party”) or its certified designee shall be the sole person entitled

to exercise the remedies specified in Article IX(1) and may do so only in

accordance with the authorisation and applicable aviation safety laws and

regulations. Such authorisation may not be revoked by the debtor without the

consent in writing of the authorised party. The registry authority shall remove an

authorisation from the registry at the request of the authorised party.

4. The registry authority and other administrative authorities in Contracting

States shall expeditiously co-operate with and assist the authorised party in the

exercise of the remedies specified in Article IX.

Article XIV

Modification of priority provisions

1. A buyer of an aircraft object under a registered sale acquires its interest in

that object free from an interest subsequently registered and from an unregistered

interest, even if the buyer has actual knowledge of the unregistered interest.

11-38 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

2. A buyer of an aircraft object acquires its interest in that object subject to

an interest registered at the time of its acquisition.

3. Ownership of or another right or interest in an aircraft engine shall not be

affected by its installation on or removal from an aircraft.

4. Article 29(7) of the Convention applies to an item, other than an object,

installed on an airframe, aircraft engine or helicopter.

Article XV

Modification of assignment provisions

Article 33(1) of the Convention applies as if the following were added

immediately after sub-paragraph (b): “and (c) the debtor has consented in writing,

whether or not the consent is given in advance of the assignment or identifies the

assignee.”.

Article XVI

Debtor provisions

1. In the absence of a default within the meaning of Article 11 of the

Convention, the debtor shall be entitled to the quiet possession and use of the

object in accordance with the agreement as against:

(a) its creditor and the holder of any interest from which the debtor

takes free pursuant to Article 29(4) of the Convention or, in the capacity of

buyer, Article XIV(1) of this Protocol, unless and to the extent that the

debtor has otherwise agreed; and

(b) the holder of any interest to which the debtor’s right or interest is

subject pursuant to Article 29(4) of the Convention or, in the capacity of

buyer, Article XIV(2) of this Protocol, but only to the extent, if any, that

such holder has agreed.

2. Nothing in the Convention or this Protocol affects the liability of a

creditor for any breach of the agreement under the applicable law in so far as that

agreement relates to an aircraft object.

CHAPTER III

Registry provisions relating to international interests in aircraft objects

Article XVII

The Supervisory Authority and the Registrar

1. The Supervisory Authority shall be the international entity designated by

a Resolution adopted by the Diplomatic Conference to Adopt a Mobile Equipment

Convention and an Aircraft Protocol.

2. Where the international entity referred to in the preceding paragraph is

not able and willing to act as Supervisory Authority, a Conference of Signatory

and Contracting States shall be convened to designate another Supervisory

Authority.

3. The Supervisory Authority and its officers and employees shall enjoy

such immunity from legal and administrative process as is provided under the

rules applicable to them as an international entity or otherwise.

4. The Supervisory Authority may establish a commission of experts, from

among persons nominated by Signatory and Contracting States and having the

necessary qualifications and experience, and entrust it with the task of assisting

the Supervisory Authority in the discharge of its functions.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-39

5. The first Registrar shall operate the International Registry for a period of

five years from the date of entry into force of this Protocol. Thereafter, the

Registrar shall be appointed or reappointed at regular five-yearly intervals by the

Supervisory Authority.

Article XVIII

First regulations

The first regulations shall be made by the Supervisory Authority so as to

take effect upon the entry into force of this Protocol.

Article XIX

Designated entry points

1. Subject to paragraph 2, a Contracting State may at any time designate an

entity or entities in its territory as the entry point or entry points through which

there shall or may be transmitted to the International Registry information

required for registration other than registration of a notice of a national interest or

a right or interest under Article 40 in either case arising under the laws of another

State.

2. A designation made under the preceding paragraph may permit, but not

compel, use of a designated entry point or entry points for information required

for registrations in respect of aircraft engines.

Article XX

Additional modifications to Registry provisions

1. For the purposes of Article 19(6) of the Convention, the search criteria

for an aircraft object shall be the name of its manufacturer, its manufacturer’s

serial number and its model designation, supplemented as necessary to ensure

uniqueness. Such supplementary information shall be specified in the regulations.

2. For the purposes of Article 25(2) of the Convention and in the

circumstances there described, the holder of a registered prospective international

interest or a registered prospective assignment of an international interest or the

person in whose favour a prospective sale has been registered shall take such steps

as are within its power to procure the discharge of the registration no later than

five working days after the receipt of the demand described in such paragraph.

3. The fees referred to in Article 17(2)(h) of the Convention shall be

determined so as to recover the reasonable costs of establishing, operating and

regulating the International Registry and the reasonable costs of the Supervisory

Authority associated with the performance of the functions, exercise of the

powers, and discharge of the duties contemplated by Article 17(2) of the

Convention.

4. The centralised functions of the International Registry shall be operated

and administered by the Registrar on a twenty-four hour basis. The various entry

points shall be operated at least during working hours in their respective

territories.

5. The amount of the insurance or financial guarantee referred to in

Article 28(4) of the Convention shall, in respect of each event, not be less than the

maximum value of an aircraft object as determined by the Supervisory Authority.

6. Nothing in the Convention shall preclude the Registrar from procuring

insurance or a financial guarantee covering events for which the Registrar is not

liable under Article 28 of the Convention.

11-40 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

CHAPTER IV

Jurisdiction

Article XXI

Modification of jurisdiction provisions

For the purposes of Article 43 of the Convention and subject to Article 42

of the Convention, a court of a Contracting State also has jurisdiction where the

object is a helicopter, or an airframe pertaining to an aircraft, for which that State

is the State of registry.

Article XXII

Waivers of sovereign immunity

1. Subject to paragraph 2, a waiver of sovereign immunity from jurisdiction

of the courts specified in Article 42 or Article 43 of the Convention or relating to

enforcement of rights and interests relating to an aircraft object under the

Convention shall be binding and, if the other conditions to such jurisdiction or

enforcement have been satisfied, shall be effective to confer jurisdiction and

permit enforcement, as the case may be.

2. A waiver under the preceding paragraph must be in writing and contain a

description of the aircraft object.

CHAPTER V

Relationship with other conventions

Article XXIII

Relationship with the Convention on the International Recognition of

Rights in Aircraft

The Convention shall, for a Contracting State that is a party to the

Convention on the International Recognition of Rights in Aircraft, signed at

Geneva on 19 June 1948, supersede that Convention as it relates to aircraft, as

defined in this Protocol, and to aircraft objects. However, with respect to rights or

interests not covered or affected by the present Convention, the Geneva

Convention shall not be superseded.

Article XXIV

Relationship with the Convention for the Unification of Certain Rules

Relating to the Precautionary Attachment of Aircraft

1. The Convention shall, for a Contracting State that is a Party to the

Convention for the Unification of Certain Rules Relating to the Precautionary

Attachment of Aircraft, signed at Rome on 29 May 1933, supersede that

Convention as it relates to aircraft, as defined in this Protocol.

2. A Contracting State Party to the above Convention may declare, at the

time of ratification, acceptance, approval of, or accession to this Protocol, that it

will not apply this Article.

Article XXV

Relationship with the UNIDROIT Convention on International

Financial Leasing

The Convention shall supersede the UNIDROIT Convention on International

Financial Leasing, signed at Ottawa on 28 May 1988, as it relates to aircraft

objects.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-41

CHAPTER VI

Final provisions

Article XXVI

Signature, ratification, acceptance, approval or accession

1. This Protocol shall be open for signature in Cape Town on

16 November 2001 by States participating in the Diplomatic Conference to Adopt

a Mobile Equipment Convention and an Aircraft Protocol held at Cape Town from

29 October to 16 November 2001. After 16 November 2001, this Protocol shall

be open to all States for signature at the Headquarters of the International Institute

for the Unification of Private Law (UNIDROIT) in Rome until it enters into force

in accordance with Article XXVIII.

2. This Protocol shall be subject to ratification, acceptance or approval by

States which have signed it.

3. Any State which does not sign this Protocol may accede to it at any time.

4. Ratification, acceptance, approval or accession is effected by the deposit

of a formal instrument to that effect with the Depositary.

5. A State may not become a Party to this Protocol unless it is or becomes

also a Party to the Convention.

Article XXVII

Regional Economic Integration Organisations

1. A Regional Economic Integration Organisation which is constituted by

sovereign States and has competence over certain matters governed by this

Protocol may similarly sign, accept, approve or accede to this Protocol. The

Regional Economic Integration Organisation shall in that case have the rights and

obligations of a Contracting State, to the extent that that Organisation has

competence over matters governed by this Protocol. Where the number of

Contracting States is relevant in this Protocol, the Regional Economic Integration

Organisation shall not count as a Contracting State in addition to its Member

States which are Contracting States.

2. The Regional Economic Integration Organisation shall, at the time of

signature, acceptance, approval or accession, make a declaration to the Depositary

specifying the matters governed by this Protocol in respect of which competence

has been transferred to that Organisation by its Member States. The Regional

Economic Integration Organisation shall promptly notify the Depositary of any

changes to the distribution of competence, including new transfers of competence,

specified in the declaration under this paragraph.

3. Any reference to a “Contracting State” or “Contracting States” or “State

Party” or “States Parties” in this Protocol applies equally to a Regional Economic

Integration Organisation where the context so requires.

Article XXVIII

Entry into force

1. This Protocol enters into force on the first day of the month following the

expiration of three months after the date of the deposit of the eighth instrument of

ratification, acceptance, approval or accession, between the States which have

deposited such instruments.

2. For other States this Protocol enters into force on the first day of the

month following the expiration of three months after the date of the deposit of its

instrument of ratification, acceptance, approval or accession.

11-42 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

Article XXIX

Territorial units

1. If a Contracting State has territorial units in which different systems of

law are applicable in relation to the matters dealt with in this Protocol, it may, at

the time of ratification, acceptance, approval or accession, declare that this

Protocol is to extend to all its territorial units or only to one or more of them and

may modify its declaration by submitting another declaration at any time.

2. Any such declaration shall state expressly the territorial units to which

this Protocol applies.

3. If a Contracting State has not made any declaration under paragraph 1,

this Protocol shall apply to all territorial units of that State.

4. Where a Contracting State extends this Protocol to one or more of its

territorial units, declarations permitted under this Protocol may be made in respect

of each such territorial unit, and the declarations made in respect of one territorial

unit may be different from those made in respect of another territorial unit.

5. If by virtue of a declaration under paragraph 1, this Protocol extends to

one or more territorial units of a Contracting State:

(a) the debtor is considered to be situated in a Contracting State only

if it is incorporated or formed under a law in force in a territorial unit to

which the Convention and this Protocol apply or if it has its registered office

or statutory seat, centre of administration, place of business or habitual

residence in a territorial unit to which the Convention and this Protocol

apply;

(b) any reference to the location of the object in a Contracting State

refers to the location of the object in a territorial unit to which the Convention

and this Protocol apply; and

State shall be construed as referring to the administrative authorities having

jurisdiction in a territorial unit to which the Convention and this Protocol

apply and any reference to the national register or to the registry authority

in that Contracting State shall be construed as referring to the aircraft

territorial unit or units to which the Convention and this Protocol apply.

Article XXX

Declarations relating to certain provisions

1. A Contracting State may, at the time of ratification, acceptance, approval

of, or accession to this Protocol, declare that it will apply any one or more of

Articles VIII, XII and XIII of this Protocol.

2. A Contracting State may, at the time of ratification, acceptance, approval

of, or accession to this Protocol, declare that it will apply Article X of this

Protocol, wholly or in part. If it so declares with respect to Article X(2), it shall

specify the time-period required thereby.

3. A Contracting State may, at the time of ratification, acceptance, approval

of, or accession to this Protocol, declare that it will apply the entirety of Alternative

A, or the entirety of Alternative B of Article XI and, if so, shall specify the types of

insolvency proceeding, if any, to which it will apply Alternative A and the types of

insolvency proceeding, if any, to which it will apply Alternative B. A Contracting

State making a declaration pursuant to this paragraph shall specify the time-period

required by Article XI.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-43

4. The courts of Contracting States shall apply Article XI in conformity with

the declaration made by the Contracting State which is the primary insolvency

jurisdiction.

5. A Contracting State may, at the time of ratification, acceptance, approval

of, or accession to this Protocol, declare that it will not apply the provisions of

Article XXI, wholly or in part. The declaration shall specify under which

conditions the relevant Article will be applied, in case it will be applied partly, or

otherwise which other forms of interim relief will be applied.

Article XXXI

Declarations under the Convention

Declarations made under the Convention, including those made under

Articles 39, 40, 50, 53, 54, 55, 57, 58 and 60 of the Convention, shall be deemed

to have also been made under this Protocol unless stated otherwise.

Article XXXII

Reservations and declarations

1. No reservations may be made to this Protocol but declarations authorised

by Articles XXIV, XXIX, XXX, XXXI, XXXIII and XXXIV may be made in

accordance with these provisions.

2. Any declaration or subsequent declaration or any withdrawal of a declaration

made under this Protocol shall be notified in writing to the Depositary.

Article XXXIII

Subsequent declarations

1. A State Party may make a subsequent declaration, other than a declaration

made in accordance with Article XXXI under Article 60 of the Convention, at any

time after the date on which this Protocol has entered into force for it, by notifying

the Depositary to that effect.

2. Any such subsequent declaration shall take effect on the first day of the

month following the expiration of six months after the date of receipt of the

notification by the Depositary. Where a longer period for that declaration to take

effect is specified in the notification, it shall take effect upon the expiration of

such longer period after receipt of the notification by the Depositary.

3. Notwithstanding the previous paragraphs, this Protocol shall continue to

apply, as if no such subsequent declarations had been made, in respect of all rights

and interests arising prior to the effective date of any such subsequent declaration.

Article XXXIV

Withdrawal of declaration

1. Any State Party having made a declaration under this Protocol, other than

a declaration made in accordance with Article XXXI under Article 60 of the

Convention, may withdraw it at any time by notifying the Depositary. Such

withdrawal is to take effect on the first day of the month following the expiration

of six months after the date of receipt of the notification by the Depositary.

2. Notwithstanding the previous paragraph, this Protocol shall continue to

apply, as if no such withdrawal of declaration had been made, in respect of all

rights and interests arising prior to the effective date of any such withdrawal.

Article XXXV

Denunciations

1. Any State Party may denounce this Protocol by notification in writing to

the Depositary.

11-44 GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 [ PART VI

2. Any such denunciation shall take effect on the first day of the month

following the expiration of twelve months after the date of receipt of the

notification by the Depositary.

3. Notwithstanding the previous paragraphs, this Protocol shall continue to

apply, as if no such denunciation had been made, in respect of all rights and

interests arising prior to the effective date of any such denunciation.

Article XXXVI

Review Conferences, amendments and related matters

1. The Depositary, in consultation with the Supervisory Authority, shall

prepare reports yearly, or at such other time as the circumstances may require, for

the States Parties as to the manner in which the international regime established

in the Convention as amended by this Protocol has operated in practice. In

preparing such reports, the Depositary shall take into account the reports of the

Supervisory Authority concerning the functioning of the international registration

system.

2. At the request of not less than twenty-five per cent. of the States Parties,

Review Conferences of the States Parties shall be convened from time to time by

the Depositary, in consultation with the Supervisory Authority, to consider:

(a) the practical operation of the Convention as amended by this

Protocol and its effectiveness in facilitating the asset-based financing and

leasing of the objects covered by its terms;

(b) the judicial interpretation given to, and the application made of the

terms of this Protocol and the regulations;

performance of the Registrar and its oversight by the Supervisory Authority,

taking into account the reports of the Supervisory Authority; and

(d) whether any modifications to this Protocol or the arrangements

relating to the International Registry are desirable.

3. Any amendment to this Protocol shall be approved by at least a two-thirds

majority of States Parties participating in the Conference referred to in the

preceding paragraph and shall then enter into force in respect of States which have

ratified, accepted or approved such amendment when it has been ratified, accepted

or approved by eight States in accordance with the provisions of Article XXVIII

relating to its entry into force.

Article XXXVII

Depositary and its functions

1. Instruments of ratification, acceptance, approval or accession shall be

deposited with the International Institute for the Unification of Private Law

(UNIDROIT), which is hereby designated the Depositary.

2. The Depositary shall:

(a) inform all Contracting States of:

(i) each new signature or deposit of an instrument of ratification,

acceptance, approval or accession, together with the date thereof;

(ii) the date of entry into force of this Protocol;

(iii) each declaration made in accordance with this Protocol,

together with the date thereof; and

Government Central Press, Gandhinagar.

PART VI ] GUJARAT GOVERNMENT GAZETTE, EX., 26-06-2025 11-45

(iv) the withdrawal or amendment of any declaration, together

with the date thereof;

(v) the notification of any denunciation of this Protocol together

with the date thereof and the date on which it takes effect;

(b) transmit certified true copies of this Protocol to all Contracting

States;

each instrument of ratification, acceptance, approval or accession, together

with the date of deposit thereof, of each declaration or withdrawal or

amendment of a declaration and of each notification of denunciation,

together with the date of notification thereof, so that the information

contained therein is easily and fully available; and

(d) perform such other functions customary for depositaries.

Sd/-

DR. RAJIV MANI,

Secretay to the Government of India.

By order and in the name of the Governor of Gujarat,

Sd/-

K. M. LALA,

Secretary to Government.

----------

Signed by:BHOLUSINGH G THAKUR

Date: 2025.07.04 21:02:15 +05:30

Reason: Validate Document

Location: Government Central Press,

Gandhinagar

Signature Not Verified