Khaitan IndusLaw and G E Bairactaris advise on cruise deals

Blue Ocean Cruise Malta (Blue Ocean in Malta), has acquired MV Ocean Life from Easycruise Life Limited. The insurance value of the MV Ocean Life vessel is estimated to be $22 million (approximately Rs. 90 crore)..Khaitan & Co acted as the legal counsel for Blue Ocean on the Indian and English laws, with Partner Murali Neelakantan and Associate Moin Ladha..Speaking to Bar & Bench, Partner Murali Neelakantan said, “The tight deadlines required us to work simultaneously on the acquisition of the Vessel and its financing and the incorporation and financing of the charterer, all of which were governed by English law. That there were many regulatory and tax issues and very few Indian precedents made our task extremely challenging”..Speaking on the unique feature of the transaction Neelakantan added, “The cruise industry is a nascent part of the tourism and hospitality sector in India and there are very few Indian precedents for 5 star cruising on the high seas. Since the Indian cruising season (October – May) was fast approaching, the client required efficient project management of the deal which involved English, Indian and Maltese law advice on both the acquisition and financing of the Vessel and the negotiation and documentation of the joint venture in Malta”..IndusLaw advised the investor in Blue Ocean with Partner Srinivas Katta and Principal Associate Satya Sree Akella..Law Offices G. E. Bairactaris & Partners, a Greek law firm advised Easycruise Life Limited with a team led by Partner Vangelis G. Bairactaris..(picture source: The Hindu)