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.
