CREDIT SUISSE AG Vs. M.V. SAM HAWK

JUDGEMENT

(1.) Learned Advocate Mr. Harsh Parekh for the Plaintiff is permitted to pay Court fees within one week of the normal functioning of the Court.

(2.) Mr. Amitava Majumdar, Learned Counsel appearing with Mr. Harsh Parekh, learned advocate for the plaintiff has submitted that the instant admiralty suit has been filed for securing, protecting and recovering the Plaintiff's maritime claim as a registered mortgagee of the Defendant Vessel secured by a First Preferred Liberian Ship Mortgage dated 24th July 2015 pursuant to the Loan Agreement dated 20th December 2012 executed between the Plaintiff and the Registered Owners of the Defendant Vessel i.e. M/s. SPV Sam Hawk Inc. and M/s. SPV Sam Jaguar Inc, both of whom are jointly and severally liable for the Plaintiff's claim. The Plaintiff places reliance on the relevant terms of the First Preferred Liberian Ship Mortgage dated 24th July 2015, the Loan Agreement dated 20th December 2012 along with the various amendments thereto, the various drawdown notices from the Registered Owners of the Defendant vessel as well as the Registered Owners of the Vessel MV Sam Jaguar, the Certificate of Registration and Encumbrance of the Defendant Vessel concerning mortgage issued by the Liberia Maritime Authority, the Republic of Liberia dated 20th April 2020. Despite several notices from the Plaintiff directing the Registered Owners of the Defendant vessel as well as the Registered Owners of the Vessel MV Sam Jaguarto make payment of the various outstanding amounts under the Loan Agreement, the same was notmade. Therefore, the Plaintiff, pursuant to Clause 19.2 of the Loan Agreement dated 20th December 2012 read with various amendments thereto was constrained to issue the Notice of Acceleration, Termination and Demand dated 1st April 2020 upon the Registered Owners of the Defendant vessel as well as the Registered Owners of the Vessel MV Sam Jaguar terminating all its obligations and demanding immediate payment of the amounts outstanding, which remain unpaid till date. The Plaintiff has filed the instant suit to enforce its security being its registered mortgage against the said Defendant Vessel for the sums due and payable under the Loan Agreement following the acceleration and termination of the Loan Agreement. The Defendant Vessel is presently at Mundra Port and likely to sail away and the present suit is filed for action in rem and interaliafor arrest of the Defendant Vessel as per Section 5(1)(c) of the Admiralty Act.

(3.) Upon hearing, Mr. Amitava Majumdar, Learned Advocate for the plaintiff and upon reading the plaint herein signed at Mumbai on 12.05.2020 filed by the advocate for the plaintiff and the affidavit of Mr. Anil Shamrao Jadhav, Constituted Attorney of the Plaintiff abovenamed dated 12.05.2020 and upon hearing the counsel for the Plaintiff and upon the Plaintiff giving an undertaking in writing to pay such sums by way of damages as this Court may award as compensation in the event of the Defendant Vessel sustaining any prejudice by this order, I do order that the Registrar of this Court do issue a warrant for the arrest of the Defendant vessel, M.V. Sam Hawk (IMO No. 9637416) along with her hull, engines, gears, tackles, bunkers, machinery, apparel, plant, furniture's, equipments and all appurtenances, at present lying Mundra Port within the Indian territorial waters and that the Warrant of Arrest be executed at any time of the day or night or on Sundays or holidays and I do further order that the Port Officer and the Customs Authorities at Mundra Port do effect the arrest, seizure or detention of the defendant Vessel at present lying at Mundra Port within the Indian territorial waters or such other place wherever she may be within the territorial waters of India and I do further order that in the event of the defendant and/ or those interested in her depositing in this Court for securing and/or satisfying the Plaintiff's claim of principal amount with costs of USD 23,658,293.24 plus accrued interest amounting to USD 456,118.03 and USD 25,000 for costs filing this suit aggregating to USD 24,143,731.38 with further interest at the rate of 12% per annum from the date of filing of the Suit till the date of decree and further interest at 12% per annum from the date of decree till payment and/or realization as per particulars of claim, the said Warrant of Arrest would not be executed against the Defendant Vessel at present lying at Mundra Port within the Indian territorial waters.