High Court determines bids in first round of tenders under order for sale of vessel remain valid during subsequent rounds

27 March 2024

United Overseas Bank Ltd v The Owners and/or Demised Charterers of and/or Other Persons Interested in the Ship or Vessel “Limin Rosmina” (Petronas Carigali Sdn Bhd, intervener) [2023] 8 CLJ 649

The Malaysia High Court in United Overseas Bank Ltd v The Owners and/or Demised Charterers of and/or Other Persons Interested in the Ship or Vessel “Limin Rosmina” (Petronas Carigali Sdn Bhd, intervener) found that a second round of tenders under an order for sale did not invalidate the bids made during the first round. The court also found that the sheriff has the power to sell the vessel at a sum below the appraised value if the offer in question is still valid and capable of acceptance.

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