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19-22 April Letters of indemnity issued: Ruchi Aavanti FGV Owners
24 April Vessel arrives at discharge port New Mangalore and OBLs arrive at Aavanti’s bank Oversea-Chinese Banking Corporation; Aavanti requests financing some time soon after
27-29 April Discharge, completed in the morning of 29 April
29 April Evening The bank grants the loan and releases the purchase price to FGV
Later , Aavanti seeks extensions of time to service the financing, and eventually takes steps towards a Scheme of Arrangement – the financing is not repaid
In these circumstances, the bank decided to enforce its security as holder of the OBLs and in June 2016 arrested the Vessel and a sister ship in Singapore. The vessels were released after Owners furnished security of US$7.8m.
