2023 (6) TMI 321

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....r replaced or not found as per the understanding arrived with the seller. • Prices in general had come down during the period of delay. • It was stated by him that the prices had come down by 10 to 15% in international market and also for this reason compensation was asked from the seller and the price of the vessel was reduced even though ship was delivered for inspection prior to 30 November, 2011. The reduction in re-negotiated price was of about 12%. The Learned CA took us to agreement at running Pg. No. 40, which was re-negotiated and also initial agreement as was entered, which is appearing at pg. No. 32, of the paper book, which are reproduced below: • Re-negotiated Agreement • Orig....

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....r for betterment). Same is the situation with propeller blade having been changed and almost all spare/accessories having been removed from engine rooms of the vessels. Apart from this, it has also been pointed out that the market prices had come down 10-15% during the period. However, the period has not been specified nor any public or other document produced to prove assertion. The learned Counsel has also mentioned about delay in delivery and for production of inspection is one of the reason for change of agreed price by the vendor. However, the period of delay is also not coming out from the renegotiated price agreement. The Learned Commissioner (Appeals) has not examined various aspects of this renegotiated agreement including any FIR ....

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.... E. AND ALSO ALMOST ALL SPARE / ACCESSORIES WERE REMOVED FROM ENGINE ROOMS OF THE VESSEL LAST DATE FOR DELIVERY OF THE VESSEL WAS 30.11.2011, SELLER WAS FAILED TO DELIVER THE VESSEL IN STIPULETED TIME MENTION IN MOA, INTERNATIONAL MARKET OF THE VESSEL WAS ALSO SWEPT DOWN BY 10% TO 15% DURING THIS PERIOD, ABOVE NOTED DISCREPANCEIES WERE ALSO BOUGHT TO THE NOTICE OF THE SELLERS BY THE BUYERS AND HANCE BUYER ASKED SELLER FOR COMPANASATION, AND AFTER CAREFULL CONSIDERATION OF ABOVE FAULT NOTICED ON BOARD OF THE VESSEL, THE SELLERS AGRREED TO REDUCE THE PRICE OF THE VESSEL TO USD 2,464,592.00 FROM USD 2,732,100.00. HENCE THE PURCHASE PRICE OF THE VESSEL IS TO BE READ AS "2,464,592.00 (UNIT....