https://www.taxtmi.com/caselaws?id=288917 The BOMBAY HIGH COURT approved the sale of a vessel in liquidation to M/s Vedant Ship Management for 2.10 crores, despite being below the valuation of 3.25 crores due to the vessel's condition. M/s Vedant Ship Management was directed to deposit the balance bid price promptly. The terms included depositing the bid amount into a Fixed Deposit account, settling vessel charges, and prioritizing claims against the sale proceeds. The Official Liquidator would manage the funds and report back for dividend declaration. M/s Vedant Ship Management could man the vessel and had to deposit the Earnest Money Deposit. The order was promptly issued for compliance. en-us Wed, 28 Mar 2018 00:00:00 +0530 Sun, 05 Jul 2020 15:18:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288917 The BOMBAY HIGH COURT approved the sale of a vessel in liquidation to M/s Vedant Ship Management for 2.10 crores, despite being below the valuation of 3.25 crores due to the vessel's condition. M/s Vedant Ship Management was directed to deposit the balance bid price promptly. The terms included depositing the bid amount into a Fixed Deposit account, settling vessel charges, and prioritizing claims against the sale proceeds. The Official Liquidator would manage the funds and report back for dividend declaration. M/s Vedant Ship Management could man the vessel and had to deposit the Earnest Money Deposit. The order was promptly issued for compliance. Case-Laws Companies Law Wed, 28 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288917