Dvb Group Merchant Bank (Asia) Ltd v. M. V. Malaviya Twenty Three Imo No 9299082 And ORS
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ADMIRALTY & VICE ADMIRALTY JURISDICTION NOTICE OF MOTION NO. 1885 OF 2016 AND NOTICE OF MOTION (L) NO. 2243 OF 2016 IN ADMIRALTY SUIT NO.41 OF 2015 DVB Group Merchant Bank (Asia) Ltd.
...Plaintiff V/s m.v. "Malaviya Twenty Three"
IMO number: 9299082 & Ors.
...Defendants Mr. Rahul Narichania, Senior Advocate with Mr. Shardul Thacker, Ms. Pooja Kapadia & Ms. Pratiksha Avhad, i/b. M/s. Mulla & Mulla & Craigie Blunt & Caroe for Plaintiff Mr. A.S. Doctor i/b. Mr. Manoj Khatri for Defendant Nos. 1 to 6. Mr. Shiv Vats present.
Mr. Pankaj Savant, Senior Advocate with Mr. Aziz Khan i/b. M/s. Divya Shah Associates for Defendant No.7.
CORAM: S. J. KATHAWALLA, J.
DATE: 10th August, 2016 P.C.
1.
By consent of the parties it is agreed as follows:
(i) There shall be a further order in terms of prayer clauses (f), (h) and (i) of the Notice of Motion (L) No. 2243 of 2016 which are reproduced herein below: (f) that this Hon'ble Court be pleased to grant leave to the Plaintiff to also bid for the Defendant vessels in the judicial sale conducted through this Hon'ble Court; (h) That the Sheriff of Mumbai be directed to accept any bid made by the Plaintiff (mortgagee bank) or its designated nominee and place the same before the Hon'ble Court alongwith the other bids that the Sheriff of Mumbai may have received. (i) That this Hon'ble Court be pleased to grant leave to the Plaintiff to furnish a bank guarantee (of the Plaintiff Bank) for the Earnest Money Deposit (EMD) required to be deposited alongwith the bid.
(ii) The Plaintiff also seeks that in view of prayer clause (i) of the present Notice of Motion being allowed, the Plaintiff's subsidiary/nominee/s may also be granted leave to furnish a bank guarantee (of the Plaintiff Bank) for the EMD required to be deposited alongwith the bid on behalf of the Plaintiff's subsidiary/nominee/s. The Defendant No. 6 has no objection to the same. It is accordingly so ordered. (iii) Since this Suit and several applications filed in this Suit have been heard at length by this Court, by consent, the present Notice of Motion and the public auction of the Defendant vessels has to be treated as part heard before this Court. (iv) The Notice of Motion is made returnable on 22nd September 2016 at 3.00 p.m. for consideration of prayer clauses (e) and (g) in the said Notice of Motion. (v) The Notice of Motion No. 1885 of 2016 also stands disposed off in terms of this order. Pleadings in the said Notice of Motion are to be treated as a part of Notice of Motion (L) No. 2243 of 2016.
2.
Mr. Doctor, Learned Counsel appearing for Defendant No. 6 states that since the Plaintiff is granted liberty to raise bids by itself and/or through its subsidiary/ nominee the Plaintiff must at the time of raising the bids specify the name/ identity of the nominee, in a sealed envelope to the Hon'ble Court. It is accordingly so ordered. All other rights and obligations under the Consent Terms dated 3 rd October 2015 stands unaltered and unchanged.
3.
S.O to 22 nd September 2016 at 3.00 p.m.
(S.J. KATHAWALLA, J.)