A luxury yacht and 5-year-old firm in middle of an unusual insolvency case

A luxury yacht, one operational creditor, and a five-year-old company are in the middle of an unusual insolvency case that has landed in the Kolkata Bench of the National Company Law Tribunal (NCLT).   Kolkata-registered Credence Logistics, owner of the Silver Jet yacht, has dragged waterfront development company Marina Infra Projects to the NCLT for not paying dues in accordance with the vessel’s lease agreement. With no other party coming forward to claim any dues, Credence Logistics has become the sole member of the committee of creditors.  Complications aro.....

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