Bhatia Industries And Infrastructure Limited v. Asian Natural Resources (India) Limited And ANR.

VPH

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COURT RECEIVER REPORT No. 14 OF 2017 IN APPEAL (L) No. 794 OF 2015 IN JUDGES ORDER No. 215 OF 2014 IN EXECUTION APPLICATION No. 240 OF 2011 IN FOREIGN AWARD Dated 17th January, 2011 Bhatia Industries & Infrastructure Ltd.

...

Appellants Vs.

Asian Natural Resources (India) Ltd. & Anr.... Respondents *** Mr. Kezer Kharwala i/b Lex Juris, for the Appellants. Mr. Zal Andhyarujins a/w Naira Jeejeebhoy, Aditya Krishnamurthy, Pabitra Datta i/b Bose & Mitra & Co., for Respondent No. 2. Mr. O. A. Das, for Bank of India - Applicant in NMAL. No. 315/2017 Dr. M. S. Deshpande, Court Receiver - Present. *** CORAM : V. M. KANADE, & P. R. BORA, JJ.

DATE : FEBRUARY 15, 2017 PC.

1.

The Court Receiver has submitted a report. Pursuant to an order dated 26.10.2015 passed by this Court, the Court Receiver is 1 / 3

appointed as a receiver in respect of cargo containing 17000 MT of coal. A further direction was given to the Court Receiver to sell the coal in public auction. An option was also given to the Appellants to bring buyer and it was mentioned in the order that if the bid given by the said buyer is the highest bid, the coal was to be sold the said buyer and the sale proceeds were to be deposited in this Court and invested in a nationalised bank. Two attempts were made to sell the coal. However, both these attempts failed. Thereafter again an advertisement was issued for the purpose of sale of said coal by public auction. The Appellants have given an offer. In the offer, they have stated that they will not pay the customs duty, whereas one bidder Global Coal Ventures Pvt. Ltd.

gave a higher offer than the Appellants, which included the customs duty, which was payable. In view of this offer, their bid was accepted. Under these circumstances, the report of the Court Receiver is accepted in terms of prayer clauses (a) and (b). The sale proceeds was to be deposited in this Court. The Court Receiver is permitted to deduct his charges of commission. The Court Receiver's Report is accordingly disposed of. 2.

Mr. O. A. Das, learned counsel appearing on behalf of 2 / 3

Bank of India submitted that they will also have claim over the said amount. So far as priority of payment is concerned, the said issue would be decided at the subsequent stage. The Bank of India may file an application to that effect in this Court. He submitted that the Bank has already taken out notice of motion for that purpose. It may come up on board as per the CMS date.

Sd/- Sd/- [P. R. BORA, J.] [V. M. KANADE, J.] Vinayak Halemath 3 / 3