M.T.CHEMICAL ARROW 

  • Tanker vessel Chemical Arrow released from arrest by the Bombay High Court as vessel sold by the Madras High Court

    Maritime Ventures Fund Ltd purchased the Vessel “M.T. Chemical Arrow” and having purchased the vessel in a judicial sale conducted by the Madras High Court intervened in the Bombay High Court Admiralty suit by which the vessel was arrested on 3 April 2013 thereafter the vessel was also arrested by the High Court of Madras on 4 April 2013 by other claimants. The vessel M.T. Chemical Arrow stood arrested at the port of Kakinada. The High Court of Madras by its Order dated 9th May 2013 ordered sale of the vessel by public auction. On 19th July 2013 the High Court of Madras after considering all the bids received by the High Court of Madras confirmed and declared Maritime Ventures Fund Ltd to be the highest bidder and accepted the offer of Rs.3,87,00,000/ accordingly deposited the full sale consideration and the sale of the vessel M.T. Chemical Arrow stood confirmed on as is where is condition together with her engines, gears, tackles, apparels, equipments, plant, machinery, furniture and fixtures and the same was free of all liens and encumbrances. In the light of the sale being confirmed the High Court of Madras by its Order dated 1st August 2013 had directed the Assistant Registrar to issue a Sale Certificate in buyers favour. The order of arrest passed by the High Court of Madras was set aside and the vessel M.T. Chemical Arrow was ordered to be released forthwith by an order dated 7th August 2013. The buyer intervened in the Bombay High court admiralty suit for order of release of the vessel as Kakinada Port Trust needs an Order of Release by the Court in Bombay High Court suit for releasing the vessel and allowing it to move from Kakinada Port.

    The Bombay High Court accordingly ordered on August 13, 2013 that the order dated 3rd April 2013 arresting the vessel M.T. Chemical Arrow stands vacated and the vessel stands released from arrest. The court also passed an order that it is admitted position that the claimant in the Bombay High Court admiralty suit will have the right to take steps for their claims, if any, against the sale proceeds of the vessel lying deposited in the Madras High Court.

     

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