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A Primer on Aircraft Financing in India

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A Primer on Aircraft Financing in India A Primer on Aircraft Financing in India Archa Saran Faculty of Law Institute of Air and Space Law McGill University Montréal August 2008 A thesis submitted to McGill University in partial fulfillment of the requirements of the degree of Master of Laws (LL.M.) © Archa Saran 2008 Table of Contents ________________________________________________________________________ Acknowledgement .......................................................................................................................... iv Abstract...........................................................................................................................................v Résumé ...........................................................................................................................................vi Introduction....................................................................................................................................1 I. Airlines in India..................................................................................................................2 II. Aviation Policy...................................................................................................................8 Chapter One - Methods of Acquisition of Aircraft .......................................................................12 I. Aircraft Lease......................................................................................................................12 A. Types of Leases................................................................................................................12 1. Finance Lease and Operating Lease ..........................................................................12 (i) Accounting and Tax Treatment of Leases in USA. .............................................14 (ii) Accounting and Tax Treatment of Leases in UK. ...............................................17 (iii) Accounting of Leases in India. ............................................................................18 (iv) Tax Treatment of Leases in India. .......................................................................20 (v) Leases in Foreign Exchange Regulations of India...............................................24 2. Leveraged Lease ........................................................................................................25 3. Sale and Leaseback....................................................................................................25 (i) Accounting of Sale and Leaseback in India.........................................................26 (ii) Taxation of Sale and Leaseback. .........................................................................26 4. Other Types of Leases ...............................................................................................27 (i) Wet Lease.............................................................................................................27 (ii) Damp Lease.........................................................................................................30 (iii) Dry Lease.............................................................................................................30 B. Legal Aspects of Leases and Hire Purchase Agreements in India...................................31 1. Bailment.....................................................................................................................31 2. Registration................................................................................................................33 II. Aircraft Sale........................................................................................................................34 A. Contract of Sale................................................................................................................34 B. Conditional Sale...............................................................................................................34 C. Implied Conditions and Warranties. ................................................................................35 D. Risk in Property. ..............................................................................................................36 E. Transfer of Property.........................................................................................................36 F. Delivery and Acceptance.................................................................................................36 III. Permissions and Approvals Required for Acquisition of Aircraft......................................38 Chapter Two - Sources of Finance and Financing Methods.......................................................40 I. Debt Financing....................................................................................................................41 A. Classification of Debt ......................................................................................................41 B. Sources of Debt................................................................................................................42 1. Loans from Financial Institutions. .............................................................................42 2. Export Credit Agencies..............................................................................................44 3. Debt Securities...........................................................................................................45 4. Aircraft Securitization................................................................................................47 C. Issue of Debt Securities ...................................................................................................50 - i - II. Equity Financing.................................................................................................................50 A. Nature and Types of Shares .............................................................................................51 1. Preference Share Capital............................................................................................51 2. Equity Share Capital. .................................................................................................52 B. Issue of Securities ............................................................................................................52 C. Foreign Equity Participation in Airlines..........................................................................53 III. Airline Acquisitions and Mergers.......................................................................................56 Chapter Three - Import of Aircraft into India and its Registration,............................................57 I. Import of Aircraft, Spare Parts and Related Items..............................................................58 A. Import of Aircraft.............................................................................................................58 1. Permission from Ministry of Civil Aviation..............................................................58 2. License from DGFT...................................................................................................60 3. Ferry Flight Permit.....................................................................................................61 B. Import of Spare Parts. ......................................................................................................62 II. Registration of Aircraft and Grant of Other Certificates ....................................................63 A. Certificate of Registration................................................................................................63 B Type Certification............................................................................................................68 C. Certificate of Airworthiness.............................................................................................69 Chapter Four - Security Interest in Aircraft.................................................................................70 I. Security Law in India..........................................................................................................71 II. Concept of Security Interest................................................................................................71 III. Classification of Security....................................................................................................73 A. Consensual and Non-Consensual Security. .....................................................................73 B. Possessory and Non-Possessory Security........................................................................73 C. Real and Personal Security. .............................................................................................74 IV. Forms of Security................................................................................................................74 A. Charge..............................................................................................................................74 B. Lien. .................................................................................................................................76 C. Guarantee. ........................................................................................................................77 D. Indemnity. ........................................................................................................................79 E. Letter of Credit.................................................................................................................80
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