Rigveda Maritime Pvt. Ltd And Others vs O & P Interested In Vessel M.V. Vsevolod Beletskiy And Anr

Arindam Sinha, J

The Court : Pursuant to record in order dated 13th August, 2019, today's hearing on whether there would be bidding for the vessel, between agreement holder with the owners and successful bidder. Reference to said order can be had. However, it is necessary to extract from it the following:-

"In event, on adjourned date, applicant puts in bid of Rs.35 crores by way of instrument duly issued, Court will invite successful bidder to also bid, depending on first adjudication of successful bidder's contentions recorded above. Till then, status quo in respect of the vessel be maintained."

Contingency contemplated in said order, as would appear from extract above, has not arisen as will appear from hereunder. Mr. Aniruddha Mitra, learned advocate appearing on behalf of agreement holder with the owners, seeks adjournment for a week to get issued an instrument for balance amount so that aggregate of Rs.35 crores, being his client's bid for the vessel, can be tendered to Court thereby. As on date his client has already deposited Rs.7 crores. Term for adjournment put by Court was, thirty days free period for removing the vessel is due to expire on 24th August, 2019. His client intervened on 30th July 2019, after sale was confirmed in favour of successful bidder. Today his client is not ready with Rs.35 crores in aggregate. Further time of adjournment will be added to the period commencing 30th July, 2019. This aggregate period will be added on to the said thirty-day period, upon its expiry on 24th August, 2019. In this added period there will be penal charges levied. This will be deducted from Rs.7crores deposit in event his client is not successful bidder. Mr. Mitra was clear in submitting that this term is not acceptable to his client. Penal charges for timeoverrun, by the vessel continuing to be berthed after said thirty days free period, must come out of sale proceeds, was his submission. Hence, Court does not have a bid of Rs.35 crores from his client to embark on adjudication of highest bidder's contention that confirmed sale in his favour cannot be undone. In order dated 30th July, 2019 there were terms put to Mr. Mitra's client for considering emerging position by its intervention, after confirmation of sale. Following extract from order dated 30th July, 2019 is relevant:-

"By reason of tender of Rs. 7 crores by said instrument and agreement disclosed with owners of the ship, Court is inclined to view applicant as an interested person who wants to buy the vessel. Court is also conscious that highest bidder participated in due process and got sale confirmed in its favour. The situation thus emerging is of two bidders for the vessel. Time schedule given to successful bidder is in place and running.

List this application on 6th August, 2019 for contesting bids, if any. This adjournment will, in no way, affect highest bidder's right to purchase, in event competing bid is not received from applicant on adjourned date. The demand draft tendered by applicant be encashed by Registrar, Original Side and deposited in short term interest bearing deposit account to be opened with a nationalised bank. It is made clear, any time overrun and monetary consequences thereof, arising by reason of adjudication of this application, will be deducted from this deposit along with Registrar's commission. It is further made clear that on adjourned date, applicant must be ready to deposit difference between money already deposited and its accepted bid. Highest bidder, on the other hand, if successful, will be bound by time schedule of sale directed by order dated 25th July, 2019."

Mr. Reetobroto Kumar Mitra, learned advocate appears on behalf of Golden Fortune Ltd. S. A., 9, Temasek Boulevard, # 38-03 Suntec Tower 2, Singapore 038989. He submits, his client is interested to buy the vessel. He hands up two instruments. First is draft dated 1st August, 2019 drawn on United Overseas Bank Limited, Singapore in favour of Registrar, Original Side, to Bank of America, N.A., valuation mentioned, USD 11,00,000/-. Second is Manager's cheque dated 13th August, 2019 drawn by HDFC Bank in favour of Registrar, Original Side for Rs.1.95 crores. He submits, adjournment be granted for his client to obtain and tender instruments to take aggregate value of his client's bid for the vessel, to Rs.36 crores. He submits on instructions, terms contained in orders dated 30th July, 2019, 13th August, 2019 and this day along with all observations of Court recorded therein, his client is on notice of and agreeable to. He wants adjournment till 11th September, 2019.

The instrument for payment by USD is returned to Mr.Mitra. Registrar, Original Side will encash the instrument for Rs.1.95 crores and deposit in short-term interest bearing deposit account to be opened with a nationalized bank. Registrar will also encash deposit made against instrument tendered for Rs.7crores. The encashment value including interest is to be paid out to Mr.Aniruddha Mitra's client, upon deducting therefrom Registrar's commission prescribed by Rules. It is made clear that Mr. Reetobroto Kumar Mitra's client, if does not bring a bid, by instrument tendered and to be tendered, of aggregate value Rs.36 crores, on 11th September, 2019, time between 30th July, 2019 and 11th September, 2019 will be time against which penal charges have to be paid and will be appropriated from Rs.1.95 crores tendered by instrument today.

Mr.Banerjee, learned senior advocate appears on behalf of plaintiff and submits, the vessel was valued at Rs.58 crores, both by his client and port authorities. Global tender was not made. His client apprehends further and other claims against the vessel to be made, which then will render his client's relief in suit, defeated. He, therefore, wants every effort being made towards obtaining higher bid in respect of the vessel, for it to be sold.

Ms. Adhya, learned advocate appears on behalf of defendant no.2 in AS 3 of 2017 (Rigveda Maritime Pvt. Ltd. versus The Owner and Parties Interested In Vessel M.V. Vsevolod Beletskiy & Anr.) and submits, her client's claim against the vessel is Rs.80,29,226/- and or not what was erroneously recorded on 25th July, 2019.

At this stage Mr.Aniruddha Mitra submits, his client does not want return of the deposit. His client wants to avail opportunity to bid on 11th September, 2019. It follows and his client is on notice that all terms and observations recorded in earlier orders then automatically will visit his client. In view of this turn around, direction above upon Registrar to encash deposit against tender of Rs.7 crores, will stand in abeyance for the time being. Status quo be continued till 11th September, 2019.

List on 11th September, 2019 marked at 2 pm.