2018 (3) TMI 1871

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....cant. Mr. Mahendhar Aithe, Company Prosecutor for Official Liquidator present. Mr. Rajiv Agarwal, Director of Tirupati Vessels Pvt. Ltd. Mr. Surendra R. Mishra, Direcotr for Vedant Ship Management present. ..... P.C. : 1. As noted by an order dated 1 March 2018, the sale of the vessel Sangita owned by the company in liquidation was to be accomplished. Suitable directions were issued by the Co....

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....representative of the Official Liquidator requests the Court to re­advertise the vessel for sale, since the highest price offered today is below the reserved price. 2. The reserved price is based on a valuation report, which estimates the value of the vessel in the region of Rs. 3.25 crores.  Though the value offered today is below the valuation submitted in the Court, it is not in dispu....

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....ale of the vessel MT Sangita is confirmed in favour of M/s Vedant Ship Management for a sum of Rs. 2.10 crores.  M/s. Vedant Ship Management shall deposit the balance bid price within a period of 21 working days from today by direct credit to the account of the Official Liquidator, being Acc. No.0062000100351097 of Punjab National Bank (IFSC Code:PUNB0006200) through RTGS.  Against payme....

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....f the sale proceeds.  It is clarified that all claims against the sale proceeds of the vessel including maritime liens and claims shall be considered by the Official Liquidator in accordance with the applicable law of priority of claims.  The costs incurred by the Applicant towards the sale of the vessel including the advertisement charges and manning expenses shall be paid by the Offici....