Introduction

[1] In the Originating Summons, the Plaintiffs are seeking the following declaratory orders:

(i) that the First Plaintiff is the rightful owner of two (2) Vessels known as 'Gagah Samudera' and 'Teguh Samudera' ("the Vessels"), including the hulls, machinery, auxiliaries, weapons, systems and equipment as defined in the Shipbuilding Contract dated 21 February 2012 between the First Plaintiff and the Defendant ("the Agreement");

(ii) that the Vessels are, at all material times, charged to the Second Plaintiff by the First Plaintiff; and

(iii) that the Second Plaintiff as chargee of the Vessels and/or Mr Duar Tuan Kiat as the Receiver and Manager of the First Plaintiff, are entitled to deal with and/or dispose the Vessels.

[2] The grounds of this application are, inter alia, as follows:

(a) by the terms of the Agreement, the First Plaintiff was to construct the Vessels and thereafter se