Directorate General of Civil Aviation (“DGCA”) has revised the Civil Aviation Requirements (“CAR”) for wet/damp leasing of an aircraft by an Indian operator on 24 December 2024.

The Bhartiya Vayuyan Adhiniyam 2024 (“BVA”) has come into effect from 1 January 2025, as per Indian government’s notification dated 31 December 2024. The BVA had received the President’s assent after it was passed by the Indian Parliament during the winter session on 5 December 2024.

The International Financial Services Centre Authority (“IFSCA”) issued a circular dated 30 October 2024 (Circular”) amending the Framework for Aircraft Lease which governs all operating, financial and hybrid leases of aircraft, engines, helicopters, and aircraft ground support equipment (“Aircraft Lease Framework”).

French Lessors, Team France 01 SAS and Sunbird France 02 SAS filed suits before the Delhi High Court for the repossession and redelivery of 3 engines leased to SpiceJet under lease agreements which had been terminated.

An International Financial Service Centre (IFSC) is a specialized financial zone set up under the Special Economic Zones (SEZ) Act, 2005. It grants Indian entities access to global financial markets while offering overseas entities an entry point into the Indian market.

At its 54th meeting on 9 September 2024, the Goods and Services Tax (GST) Council decided to exempt GST on the import of services by an Indian establishment of a foreign airline company. In addition to the exemption, the GST Council also recommended to regularise the past period on an “as is where is” basis.

A leading Irish engine lessor filed a suit before the Delhi High Court seeking specific performance of SpiceJet’s redelivery obligations following the termination of an engine lease agreement.

In a move to promote aircraft leasing in India, the Directorate General of Civil Aviation (DGCA) amended the Civil Aviation Requirements (CAR) on 12 April 2024 with a primary focus of incentivising lessors to set up leasing business in India through the Gujarat International Finance Tec-City (GIFT City).