Judgment

Mrs. Sujata V. Manohar, J.-Leave granted.

2. World Tanker Carrier Corporation (hereinafter referred to as the ‘WTCC’) is the appellant in these appeals. WTCC is a foreign company registered in Monrovia, Liberia. It is the owner of a vessel m.t. “New World”. The vessel is registered in Hong Kong. On 21st of December, 1994, New World was involved in a collision with a vessel m.v. “Ya Mawlaya” in international waters 200 nautical miles off the coast of Portugal. Ya Mawlaya is a vessel registered in Cyprus. It is owned by M/s. Kara Mara Shipping Company Ltd. (hereinafter referred to as ‘Kara Mara’), a company registered in Cyprus. The said company is referred to variously in these proceedings as disponent owner/charterer of Ya Mawlaya. On 20th October, 1994, Kara Mara sold the vessel Ya Mawlaya to Vestman Shipping Company Ltd., a company registered in Cyprus. Kara Mara thereafter became bare boat charterers of Ya Mawlaya. Prior to the sale of the said vessel, Kara Mara had entered into a management agreement dated 11th of April, 1994 with SNP Shipping Services P. Ltd. (hereinafter referred to as ‘SNP’), a company registered in India for the management of the vessel Ya Mawlaya. A