KAMAL XXXV 

  • Trailing suction hopper dredger KAMAL XXXV auction sold by Bombay High Court

    The Admiralty Judge of the Bombay High Court Mr. Justice S.J. Kathawalla auction sold the vessel Kamal XXXV in a judicial auction held in the open court to I B Buildcon Pvt Ltd for INR 15.36 crores, being the highest bidder.

     

    The vessel Kamal XXXV is saddled with heavy claims. The Charterer of the Vessel Jaisu Shipping company Pvt. Ltd claims to be impecunious and have abandoned the Vessel. The vessel is in bad condition. The crew of the Vessel have not been paid their wages since January 2013. No Food and provision has been provided to the crew on board the Vessel. Thus, the Vessel was ordered to be sold vide order dated August 30, 2013.

     

    The court considered the precarious condition of the Vessel and the crew on board, the inclement weather conditions and the fact that no has come forward to maintain the Vessel, the Court is left with no option but to confirm the sale in favour of M/s. I B Buildcon Pvt. Ltd, who has placed the highest bid of Rs 15.36 crores. The court is of the view that delaying the sale is not in anyone's interest. The exigencies of the situation and circumstances dictate and that the Vessel be sold without any further delay. Further, it is unlikely that any further bids will be received if fresh advertisements are published in the newspapers. Even though advertisements of sale were placed in foreign publications, not a single foreign buyer offered a realistic price. The bidders/buyers before the Court are Ship breakers offering the scrap value of the Vessel. The Court, therefore have accepted the bid of M/s. I B Buildcon Pvt. Ltd and the vessel is directed to be sold to I B Buildcon Pvt. Ltd for Rs. 15.36 crores as per the terms and conditions of the sale.

     

     

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