Varun to Auction Fleet after Court Order

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Image Courtesy: Varun Global Limited

In a probably first-of-its-kind order, the Bombay High Court has cleared the sale of six ships originally owned by Varun Resources Ltd – once the biggest liquefied petroleum gas ship owners in the country.

The move comes as its creditors were not paying the cost for the ships’ management.

Justice KR Shriram, in an order passed on Tuesday, allowed the sale of LPG Maharshi Devatreya, Maharshi Krishna Treya, Maharshi Bhavatreya, Maharshi Bhardwaj, Maharshi Shubhatreya and Maharshi Mahatreya already arrested under HC orders in Indian waters.

Sea News, April 3