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   29.03.2018  4 Comments

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The second bill of sale was declared null, void and ineffective in transferring any right, interest or share in the ship to the first defendant. On November 21 the bank obtained summary judgment for the outstanding sum owed with interest against the guarantors.


The automatic crystallisation clause under Clause 4. The effective date was set as the date on which the first instalment of RM, was paid by Borcos and an irrevocable letter of undertaking was issued by Borcos to pay the second instalment of RM The impugned agreements 1 were void under Section 1 of the Companies Act , read with Section 53 1 of the Bankruptcy Act , for contravening the undue preference rule.



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4 thoughts on “Kish4

  1. Was the ship subject to a fixed charge or a floating charge in the first of six debentures created by the shipbuilder in favour of the bank? In the counterclaim, the defendants sought:

  2. Consequently, the CCM issued certificates of registration of charge pursuant to Section 2 of the Companies Act for all six debentures.

  3. The registration and transfer of the ship from the shipbuilder to the first defendant was cancelled and declared null and void.

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