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2018 (2) TMI 1983 - HC - Companies LawPermission to sell three tugs - company under liquidation - HELD THAT:- The Official Liquidator shall sell the two tugs, namely, Gal Beaufort Sea and Gal Ross Sea to M/s Akil Corporation in accordance with the terms proposed by the party. The Applicant has already received 10% of the offer amount as EMD, which it will have to deposit with the Official Liquidator. The liquidator shall hold the amount of EMD as also balance payment to be made by M/s Akil Corporation to the account of the company in liquidation. Distribution of the sale proceeds or declaration of dividend shall await hearing of the company application. The Company Application is stood over to 28 February 2018 - By the next date, the Applicant shall submit a valuation in respect of the third tug, namely, Sangita.
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