Through comprehensive legal analysis and a call for timely legislative action, this article advocates for a seamless convergence of national and international legal principles to secure the future of India's aviation industry. The paper also mentions towards the end the recent MCA Notification No. SO-4321(E) dated 03.10.2023, exempting aircraft-related transactions from IBC moratorium, which is a pivotal step forward. It demonstrates India’s commitment to aligning domestic laws with international aviation standards, addressing issues highlighted by the Go First case. This move promotes legal clarity and investor confidence, securing India’s aviation industry’s future through harmonization.
The present paper aims to shed some light on the restriction and exception available on persons having NPA and persons related them which is laid down under Section 29A(c) (‘the Section’) by relying on the verbatim of the legislation, judicial pronouncements, reports of Insolvency Law Committees and available commentary.