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501. COMASL 3198-26.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ADMIRALTY AND VICE ADMIRALTY JURISDICTION

COMMERCIAL ADMIRALTY SUIT (L) NO. 3198 OF 2026

Neon Limited & Anr. ...Plaintiffs

V/s.

LGP Nisyros IMO No. 9412062 & Anr. ...Defendants

WITH

JUDGE’S ORDER NO. 3303 OF 2026

Mr. Rahul Narichania, Senior Advocate with Mr. Prasad Shenoy, Mr.

Prateek Pansare, Dr. Shrikant Hathi, Mr. Pritish Das i/b Brus Chambers

for the Plaintiffs.

CORAM : ABHAY AHUJA, J.

DATE : 30^th JANUARY, 2026

P.C. :

1. Circulation of this matter had been sought this morning,

submitting that the Defendant No.1-Vessel-LPG Nisyros, IMO No.

9412062 against which the maritime claim has arisen is likely to leave

the jurisdiction of this Court and, therefore, the matter be listed on the

Production Board. Accordingly, the matter has been listed on the

Production Board at serial no. 501.

2. Mr. Narichania, learned Senior Counsel appearing for the

Plaintiffs submits that the Plaintiff No.1, the registered owner of the

Defendant No.1-Vessel had earlier entered into a Bareboat Charter Party

Agreement with one Eletson Gas LLC, wherein there was also a

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purchase option to the Bareboat Charterer at a pre-determined price.

Mr. Narichania has submitted that in a Bareboat Charterer party, the

appointment of the master and the crew is with the charterer and that

pursuant to the same the charterer had appointed the master and crew.

That the charter party expired on 29^th August, 2025 and that the

charterer exercised its option to purchase the Defendant No. 1-Vessel,

however, the purchase could not be completed, which led to reference

of the dispute to arbitration. That the arbitral tribunal has awarded in

favour of the Plaintiff giving the following findings with the consent of

the parties:-

(1) the Bareboat Charter Agreements have expired on the

following dates:

(i) the Anafi BBCP expired on 31^st July, 2025.

(ii) the Tilos BBCP expired on 31^st July, 2025.

(iii) the Nisyros BBCP expired on 29^th August, 2025.

(2) as a result of the expiry of the Bareboat Charter

Agreements, the rights conferred upon the Eletson Gas LLC

to purchase the Vessels pursuant to Clause 47 have been

extinguished, and may no longer be exercised by Eletson Gas

LLC, or any other party.

(3) the absence of completion of the purchase of the vessels

pursuant to the terms of the Purchase options had the effect

that (a) title to the Vessels remained with the respective

Claimant without any further obligation to transfer the same

to the Respondent, (b) the Bareboat Charter Agreements no

longer imposed any fetter upon the Claimants’ rights of

ownership in and possession of the vessels or their ability to

sell those vessels on such terms and in such manner as they

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see fit, and (c) the Respondent was required forthwith to

redeliver the Vessels to the respective Claimant in accordance

with Clause 46 fo the Bareboat Charter Agreements.

3. Mr. Narichania submits that pursuant to the said award dated

13^th October, 2025, request was made on behalf of the Plaintiff No.1 to

the then Captain / Master of the Defendant No.1-Vessel to disembark,

however, the said request was not heeded to, after which by another

email dated 27^th January, 2026, instructions to redeliver the Defendant

No.1-Vessel within 24 hours were also sent to the master, which was

also not complied with.

4. Mr. Narichania submits that the Plaintiff No. 1 has by a share

purchase agreement dated 31^st July, 2025 with the Plaintiff No.2

whereby the parties have decided to enter into the sale and purchase of

the shares of the Plaintiff No.1 and it is upon the Plaintiff No. 1,

therefore to obtain possession of the Defendant No.1-Vessel for the

purposes of the share purchase agreement. Mr. Narichania submits that,

therefore, the dispute between the Plaintiffs and the Defendants is

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