Transactions involving aircraft, engines, airframes, helicopters excluded from IBC: Govt

Mumbai, Oct 4 (PTI) Transactions involving aircraft, plane engines, airframes and helicopters have been excluded from the Insolvency and Bankruptcy (IBC) code, the government has notified.

"...the provisions of sub-section (1) of section 14 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), shall not apply to transactions, arrangements or agreements, under the Convention and the Protocol, relating to aircraft, aircraft engines, airframes and helicopters," as per a October 3, 2023 notification issued by the Ministry of Corporate Affairs.

Section 14 of the IBC deals with the power of adjudicating authority (NCLT) to issue a moratorium when admitting a company to insolvency resolution process.