Section 41: Commencement of legal proceedings for recovery of leased equipment

A lessor may commence legal proceeding in a court of competent jurisdiction against a lessee for recovery of a leased equipment—(a) If a lessee is —
(i) in breach of any of the terms of a lease agreement apart from a breach for non-payment of rentals; or
(ii) in breach of any provision of this Act for which no specific penalty is provided; or
(iii) declared bankrupt;
(b) If a court orders the—
(i) dissolution of winding-up of a lessee; or
(ii) the appointment of a receiver or manager for a lessee.