Update on the auction of 95m M/Y ‘Indian Empress’
The judicial sale of the Oceanco build was suspended by the Civil Court…
The judicial sale of the 95m motoryacht, Indian Empress, which was due to take place at the Courts of Justice in Valetta, Malta on Monday 21 May, was suspended by the Civil Court.
“The court agreed to suspend the auction and has ordered all interested parties to appear before it on Monday 28 May at 8.30 am,” explains Ann Fenech, managing partner at Fenech & Fenech Advocates, who has been involved in the case through varied representation.
According to Fenech, Indian Empress, which has been held under a maritime lien since she was arrested in March 2018, has been arrested by 13 creditors which between them are owed c. €2 million.
“Most of the creditors that had the yacht arrested have commenced actions and a number of judgments in favour of the creditors have already been handed down. One of them is the judgment in the action of Melita Power Diesel,” Fenech adds.
Indian Empress was set to be auctioned on 21 May 2018 by a decree issued on 14 May by the Civil Court of Malta. However, Fenech says, “the owner of Indian Empress’ representatives filed an application requesting that the court suspends the sale for a number of reasons.” One of them, Fenech says, was to allow time for appropriate advertising for the sale of the motoryacht.
It is now expected that the court will appoint a new date for the judicial sale by auction at the hearing on 28 May.
SuperyachtNews will update its readers as and when there are developments on the case.
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