VALUE SHIPPING LIMITED Vs. OWNERS AND PARTIES INTERESTED

JUDGEMENT

(1.) For the sake of convenience and clarity, the parties are referred to by their respective ranks in the main suit. The issues that arise for consideration in these applications are as follows:-

(2.) The suit has been filed under the admiralty jurisdiction of this Court. The plaintiff had entered into a MoA dtd. 31/10/2023 with M/s.Arcadia Shipping Limited, the owner of the defendant vessel. Under the MoA, the plaintiff agreed to purchase the defendant vessel-MV Navdhenu Purna for a total consideration of USD 8.3 million. As per the terms and conditions of MoA, the plaintiff by way of security deposit lodged a deposit of 15% of the total sale consideration amounting to USD 1.245 million with the Escrow Agent, namely, Theo Sioufas Escrow Services LLP. On making the security deposit, an Escrow Agreement dtd. 9/11/2023 was entered into amongst the plaintiff, M/s.Arcadia Shipping Limited, owner of the defendant vessel, and Theo Sioufas Escrow Services LLP, the Escrow Agent.

(3.) As per Clause 8 of the MoA dtd. 31/10/2023, the owners of the defendant vessel are required to obtain delivery documentation in the nature of statutory clearances, governmental permissions and certificates for legal transfer of ownership of the vessel in favour of the plaintiff.