2018 (2) TMI 1983

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t. Mr. Mahendhar Aithe, Company Prosecutor for the Official Liquidator present. Mr. Kunal Gaikwad for Sefarers. .... P.C. : This Company Application seeks permission to the Applicant to sell three tugs, of which the Applicant claims to be a registered mortgagee, under Section 51(1) of the Merchant Shipping Act, 1958.  The Respondentcompany being under liquidation, its properties can on .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... been prepared by reputed Chartered Engineers, Marine & Offshore Warranty Surveyors, Loss Adjusters  & Valuers.   2 Considering the valuations reports, the offer submitted by M/s  Akil Corporation on 29 December 2017, which is at Exhibit 'H'  to the Company Application herein, appears to be reasonable and worthy of acceptance. 3 Learned Counsel for Seafarers who w .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... mount 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, Sa .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X