According to a Reuters report, an Indian court orders the seizure of a tanker belonging to Dubai-based oil trading firm GP Global. This happens after a petition from UAE lender National Bank of Fujairah over loan default, a court document showed.
What happened?
The Gujarat High Court directed the authorities of Pipavav Port on Sept. 9 to seize the company’s bunkering tanker, GP B3, and detain it until a further court order or until the outstanding loan amount of just over $2 million is paid, a court document seen by Reuters shows. The next hearing is on Sept. 17.
- In the legal challenge in India, lawyers for National Bank of Fujairah (NBF) told the court the company had borrowed $11.05 million from the bank in 2015 and mortgaged the seized vessel as well as two other tankers, the GP B2 and GP Asphalt III.
- Those vessels were last tracked to be offshore UAE, according to ship-tracking data from Refinitiv Eikon.
Restructuring The Debts
GP Global, a supplier of marine fuels worldwide with offices in Europe, Asia and America, told Reuters in an email it will not be able to comment “since the matter is subjudice”.
National Bank of Fujairah said it working closely with the group and its key officials to address and resolve the issues. “We are part of the syndicated lenders to GP Global group and have also provided bilateral facilities. The group has appointed an Advisor and a Chief Restructuring Officer to restructure its debts,” it said in an email.
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Source: Reuters
