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The OMDA provides an exhaustive list of Event of Default which include:

  1. Any material breach by the JVC of its obligations under OMDA.
  2. Failure of the JVC to operate and maintain the airport in accordance with the applicable laws.
  3. Non-achievement and non-maintenance of ISO Certification.
  4. Continued non-achievement of Service Quality Requirement Standards.
  5. Breach of obligations under Development Standards and Requirements.
  6. Failure by the JVC to make any payment to AAI.
  7. Failure of JVC to maintain insurance.
  8. Non-adherence, violation or non-compliance of the Master Plan or any other major development plan.
  9. JVC directly or indirectly undertaking any activity other than those permitted under OMDA.
  10. Transfer of shares or voting rights in any entity or change in Operator in violation of provisions Articles 2.5.
  11. Failure to replenish the performance bond towards of full amount within three months after encashment.
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GENERAL