A luxury yacht and 5-year-old firm in middle of an unusual insolvency case

The luxury vessel has been docked on the banks of Hooghly for nearly a year without generating any business for the company

A luxury yacht, one operational creditor, and a five-year-old company are in the middle of an unusual insolvency case that has landed in the Kolkata Bench of the National Company Law Tribunal (NCLT).  

Kolkata-registered Credence Logistics, owner of the Silver Jet yacht, has dragged waterfront development company Marina Projects to the NCLT for not paying dues in accordance with the vessel’s lease agreement. With no other party coming forward to claim any dues, Credence Logistics has become the sole member of the committee of creditors. 

Complications arose after the corporate debtor approached the NCLT, requesting for the withdrawal of the