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The High Court of Gujarat has granted the manager of GP Global’s GP B3 bunker vessel, Celestial Ship Management, a request to arrest the tanker for outstanding claims, interest and court fees totalling $600,000.

The request was granted on 10 September, according to the court documents seen by Reuters.

A day earlier, the same court granted a request by the National Bank of Fujairah (NBF) to arrest the GP B3 after UAE-based GP Global reportedly defaulted on a loan payment of $2 million.

According to Reuters, lawyers for National Bank of Fujairah told the court GP Global 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.

According to Singapore company records, among the registered directors of Celestial Ship Management are Prachi Goel and Swati Goel, who are the spouses of the directors and shareholders of GP Global, Prerit Goel and Manan Goel, respectively.

Celestial Ship Management and GP Global’s Asia Pacific office in Singapore also share the same address, company records showed.

Responding to a request for comment, GP Global told Reuters in an email it would not be able to ‘since the matter is subjudice’.

According to the court document, Celestial Ship Management ‘had made repeated requests for payment but the last such payment was received in April 2019 and no such payment has been received thereafter.’

Despite having agreed with the vessel’s owner not to ‘commit their own funds’ for the payment of expenses incurred from the vendors that the ship’s managers engaged, Celestial Ship Management ‘was being chased by the vendors and due to the impeccable reputation of (Celestial), they had to make the payment as they were put in an embarrassing position’, the company told the court.

As previously reported, in July, GP Global began financial restructuring, saying it was confident of attracting new investment that ‘will help us tide away from the current tight cash position’. The company also noted it was ‘being targeted by vested interests who do not wish to see us succeed and grow higher and higher'.

In the same month, the company filed criminal complaints against some of its employees in Sharjah and Fujairah who were alleged to have worked with ‘external entities’ to commit fraud against the GP Global and its customers.

In August, the company appointed Rod Sutton as its Chief Restructuring Officer and also hired UK-based financial restructuring specialist firm Quantuma.

 

 

 

 

 

 

 

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