 "Chiefs of Air India, Vistara, SpiceJet meet civil aviation minister")
Chiefs of Air India, Vistara, and SpiceJet on Tuesday held a meeting with Civil Aviation Minister Jyotiraditya Scindia in the national capital.
In a social media post, the office of the minister said representatives from Air India, Vistara, SpiceJet, and IndiGo thanked him for the recent amendment in the Insolvency and Bankruptcy Code (IBC) whereby aircraft equipment have been exempted from moratorium under the IBC.
The meeting was attended by Air India Managing Director and CEO Campbell Wilson, Vistara CEO Vinod Kannan, SpiceJet Chairman and Managing Director Ajay Singh, and IndiGo's Principal Advisor R K Singh.
The minister's office shared pictures of the meeting on X.
"Representatives from four airlines including Air India, Spice Jet, Vistara and Indigo met Hon'ble Minister Sh@JM_Scindia Ji and thanked him for the recent legal amendment pertaining to the issuing of a notification under Section 14 (3) of the Insolvency and Bankruptcy Code, 2016 exempting aircraft equipment covered under CTC from application of moratorium.
"The decision is a big relief for aircraft lessors as it is expected to create a favourable environment in India by reducing their risk and allowing them to repossess their aircraft," as per the post on X.
The amendment came against the backdrop of the insolvency proceedings being initiated against Go First. Since the airline's assets were under the IBC moratorium, aircraft lessors were unable to take back their planes.