NATIXIS, SINGAPORE BRANCH v SESHADRI RAJAGOPALAN & 2 Ors

[2025] SGCA 29 Court of Appeal 24 June 2025 • CA/CA 39/2024|CA/CA 40/2024|CA/CA 41/2024 • 109 min read
66 cases cited (45 SG, 21 foreign)

Catchwords

Admiralty and Shipping — Admiralty jurisdiction and arrest — Action in rem — Statutory liens Insolvency Law — Administration of insolvent estates — Judicial management — Ex parte James principle Insolvency Law — Administration of insolvent estates — Judicial management — Disposal of charged property — Section 100(2) Insolvency, Restructuring and Dissolution Act 2018 (2020 Rev Ed)

Practice Areas

Admiralty and Shipping Insolvency Law

Judges (3)

Kannan Ramesh Coram Steven Chong Delivered Sundaresh Menon Coram

Counsel (21)

Collin Seah Law Practice Firm JFN Chambers LLC Firm Joseph Tan Jude Benny LLP Firm Resource Law LLC Firm Shook Lin & Bok LLP Firm TSMP Law Corporation Firm Choi Yee Hang Ian Counsel Appellant Chua Li-Ann Nicolette Counsel Appellant Isaac Tay Zhuo Yan Counsel Respondent Jonathan Lim Shi Cao Counsel Appellant Lee Chong Jie Counsel Appellant Lee Koon Foong Adam Hariz Counsel Respondent Lin Weiwen Moses Counsel Appellant Ng Jern-Fei Counsel Third Party Ryan Mark Lopez Counsel Appellant Seah Lee Guan Collin Counsel Appellant Sonia Elizabeth Rajendra Counsel Respondent Soong Jun De Counsel Appellant Sze Kian Chuan Counsel Respondent Tessa Lim Yong Rong Counsel Appellant Thio Shen Yi Counsel Respondent

Parties (6)

Nan Chiau Maritime (Pte) Ltd (Judicial Managers Appointed) Respondent Natixis, Singapore Branch Appellant Societe Generale, Singapore Branch Appellant The Hongkong and Shanghai Banking Corporation Ltd Appellant Paresh Tribhovan Jotangia Respondent Seshadri Rajagopalan Respondent

Case Significance

[2025] SGCA 29 is a Court of Appeal decision dated 24 June 2025 concerning Admiralty and Shipping and Insolvency Law, specifically addressing admiralty jurisdiction and arrest and administration of insolvent estates. The judgment was delivered by Steven Chong, with Kannan Ramesh and Sundaresh Menon on the coram. The case was brought by Natixis, Singapore Branch and others (appellant) against Nan Chiau Maritime (Pte) Ltd (Judicial Managers Appointed) and others (respondent). Legal representation was provided by Collin Seah Law Practice and Joseph Tan Jude Benny LLP. The judgment cites 66 cases (45 Singapore, 21 foreign) and references 4 statutory provisions, including the Companies Act, the Insolvency, and the Restructuring and Dissolution Act.

Summary

Three banks — Natixis, Société Générale and HSBC — appealed against the dismissal of their claims to the sale proceeds of a vessel owned by Nan Chiau Maritime, a company in judicial management related to the collapsed Hin Leong Trading group. The banks argued they held statutory liens through writs in rem issued against the vessel, which the judicial managers had arranged to be sold by a Gibraltar court. The Court of Appeal dismissed all three appeals, holding the judicial sale did not constitute a disposal by the judicial managers and the banks' writs in rem did not give them security interests in the vessel.

What was decided in [2025] SGCA 29?

[2025] SGCA 29 (NATIXIS, SINGAPORE BRANCH v SESHADRI RAJAGOPALAN & 2 Ors) is a Court of Appeal decision from 24 June 2025 addressing Admiralty and Shipping and Insolvency Law, specifically admiralty jurisdiction and arrest and administration of insolvent estates. The judgment was delivered by Steven Chong.

Who were the parties in NATIXIS, SINGAPORE BRANCH v SESHADRI RAJAGOPALAN & 2 Ors?

The appellant in [2025] SGCA 29 was Natixis, Singapore Branch, Societe Generale, Singapore Branch, and the respondent was Nan Chiau Maritime (Pte) Ltd (Judicial Managers Appointed), Paresh Tribhovan Jotangia. Legal representation included JFN Chambers LLC and Collin Seah Law Practice. The case was decided on 24 June 2025 in the Court of Appeal.

Which judge decided [2025] SGCA 29?

[2025] SGCA 29 was delivered by Steven Chong in the Court of Appeal on 24 June 2025. Kannan Ramesh and Sundaresh Menon also sat on the coram. The case concerned Admiralty and Shipping and Insolvency Law.

What cases and statutes does [2025] SGCA 29 cite?

[2025] SGCA 29 cites 66 prior decisions, including 21 from foreign jurisdictions. It references Companies Act, Insolvency, Restructuring and Dissolution Act.

Statutes Cited

Companies Act (Cap 50)
s 131 s 227H s 231
Insolvency, Restructuring and Dissolution Act
Restructuring and Dissolution Act
Supreme Court of Judicature Act (Cap 322)

Cases Cited (66)

SG (1)
[2024] SGHC 113
SLR (44)
[1991] 2 SLR(R) 643 [1993] 2 SLR(R) 136 [1993] 3 SLR(R) 894 [1994] 3 SLR(R) 574 [1998] 2 SLR(R) 630 [1999] 2 SLR(R) 793 [2000] 2 SLR(R) 399 [2001] 2 SLR(R) 180 [2002] 1 SLR(R) 418 [2002] 2 SLR(R) 789 [2003] 3 SLR(R) 362 [2004] 1 SLR(R) 671 [2006] 1 SLR(R) 484 [2008] 4 SLR(R) 994 [2009] 4 SLR(R) 525 [2011] 1 SLR 391 [2011] 3 SLR 487 [2013] 4 SLR 615 [2014] 1 SLR 1389 [2014] 1 SLR 733 [2014] 2 SLR 815 [2016] 1 SLR 448 [2017] 2 SLR 592 [2017] 2 SLR 850 [2018] 2 SLR 129 [2018] 5 SLR 125 [2018] 5 SLR 1358 [2019] 1 SLR 680 [2020] 2 SLR 1332 [2021] 1 SLR 998 [2021] 2 SLR 1141 [2021] 4 SLR 526 [2022] 2 SLR 1385 [2023] 2 SLR 389 [2023] 5 SLR 513 [2024] 1 SLR 1054 [2024] 1 SLR 266 [2024] 2 SLR 790 [2024] 4 SLR 896 [2024] 5 SLR 1006 [2024] 5 SLR 138 [2025] 1 SLR 432 [2025] 1 SLR 492 [2025] 3 SLR 868
UK (16)
[1901] AC 495 [1907] 1 KB 865 [1924] 1 KB 431 [1980] Ch 196 [1988] 1 Ch 275 [1999] 2 AC 349 [2002] 1 AC 336 [2007] 2 AC 85 [2018] 1 WLR 1564 [2021] Ch 1 [2021] EWHC 310 [2021] QB 129 [2024] 1 WLR 541 [2024] 3 WLR 659 [2025] 1 WLR 810 [2025] AC 555
AU (3)
[2017] WASC 152 [2024] NSWCA 284 [2024] NSWCA 301
MY (2)
[2021] 9 MLJ 936 [2023] 12 MLJ 53

Judgment

Read the full judgment on the official Singapore Courts portal.

Read on eLitigation

Source: eLitigation ([2025] SGCA 29)