TMI Blog2018 (3) TMI 1870X X X X Extracts X X X X X X X X Extracts X X X X ..... The Company Application sought sale of three tugs, viz. Gal Beaufort Sea, Gal Ross Sea and Sangita, in respect of which the Applicant is said to be entitled to exercise rights under Section 51 of the Merchant Shipping Act, 1958. The Company Application was filed since the Respondent is in liquidation. 2. By an Order dated 14 February 2018, the Official Liquidator was directed to sell two tugs, viz. Gal Ross Sea and Gal Beaufort Sea, to M/s Akil Corporation in accordance with the terms proposed by M/s Akil Corporation. 3. The said M/s Akil Corporation has now paid the entire sale consideration of ₹ 3,01,00,000/ (Rupees Three Crore and One Lakh Only) for the two tugs, viz. Gal Ross Sea and Gal Beaufort Sea to the Applicant and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Gal Ross Sea without appropriate orders from this Court. In the event any orders for disbursement/utilization of the said amounts are proposed to be sought in the above Company Application or in any Official Liquidator Report by the Official Liquidator, the Official Liquidator shall give prior notice to the Applicant or the Advocates for the Applicant; f] All charges payable for the vessels including the port charges upto today's date shall be to the Official Liquidator's account, to be paid from out of the sale proceeds coming into the hands of the Liquidator in pursuance of this order. It is also clarified that all claims against the sale proceeds of the vessel including maritime liens and maritime claims shall be considere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly manned. Needless to add, any expense incurred by the Applicant towards manning of the vessel in the course of liquidation proceedings will be treated as liquidation expenses and disbursed to the Applicant from out of the sale proceeds of the vessel. i] The parties agree that a sum of ₹ 3,00,000/ (Rs.Three Lac) shall be retained by the Official Liquidator towards legal expenses from out of the sale proceeds. 5. Certified copy expedited. 6. All parties to act on the copy of this order authenticated by the Associate of this Court. 7. All rights and contentions of the parties on rights to the sale proceeds are kept open. 8. The Company Application to come up for hearing on 28 March 2018. - - TaxTMI - TMITax - Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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