Section 3. The aforesaid Bill, inter alia, seeks to

3. The aforesaid Bill, inter alia, seeks to— (a) give force of law to the Convention and the Protocol, subject to the provisions of this Bill, and in accordance with the declarations deposited by India at the time of accession; (b) confer power upon the Directorate General of Civil Aviation to function as Registry Authority for the implementation of the Convention and the Protocol; (c) provide for the obligations of debtors and creditors towards the Registry Authority for submission of dues and exercising remedies in cases of default; (d) adopt the remedies available to a creditor under Article XI of the Protocol; (e) apply the provisions for de-registration and export request authorisation; (f) confer jurisdiction upon the High Court for the purposes of the Article 53 of the Convention; (g) give overriding effect to the Act to the extent of inconsistency with any other law and to retain the power of the Central Government and other entities to arrest or detain an aircraft object, under domestic law, for the payment of dues directly related to the service provided in respect of the aircraft object 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: - (a) as from the time of entry into force of that Protocol; - (b) subject to the terms of that Protocol; and - (c) as between States Parties to this Convention and that Protocol. 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. 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 (c) any reference to the administrative authorities in that Contracting 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. 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. 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; (c) the functioning of the international registration system, the 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. 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; (c) provide the Supervisory Authority and the Registrar with a copy of 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. 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 (c) liens in favour of repairers of an aircraft object in their possession to the 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 (c) rights of a person obtaining a court order permitting attachment of an 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. - 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. 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