M.T. PRATIBHA NEERA 

  • m.t Pratibha Neera auction sold by Admiralty Court to Baltanas Shipping for INR 19.75 crores

    Mr. Justice S.J. Kathawalla the Admiralty Judge of the Bombay High Court auction sold the vessel m.t. Pratibha Neera in an admiralty action filed by Indian Register of Shipping.

    By an order dated 2nd August, 2013 this Court ordered sale of MT Pratibha Neera (“Defendant Vessel”). In pursuance of the order dated 2nd August, 2013 the Defendant Vessel was advertised for sale on 7th August, 2013 and thereafter it was open for intending bidders to inspect the Defendant Vessel and submit their bids to the office of Sheriff till 4:00 PM on 22nd August, 2013. Valuation report was not disclosed to any bidder. This Court is informed that no prospective bidder approached the office of Sheriff of Mumbai to board and inspect the Defendant Vessel and only two bids were received; one being the bid by M/s. Preet Overseas and the second bid by Maritime Venture Fund Ltd. On 23rd August 2013 Baltanas Shipping Ltd. (Baltanas Shipping) and Best Oasis Ltd. appeared in Court and requested the Court’s leave to participate in the bidding process by submitting their earnest money deposit and sealed bids. Leave was accordingly granted. Balatanas Shipping made the highest bid of Rs. 19.25 crores. Since the Defendant Vessel was valued at Rs. 23 crores this Court asked all bidders present in court if they were ready and willing to increase their bid higher than Rs. 19.25 cores offered by Baltanas Shipping. There were no higher bids.

    The matter was then stood over to 26th August, 2013, to ascertain whether, in view of the present circumstances, to provide a second opportunity to the bidders to reassess their bid and/or to see if a re-auction would be appropriate and whether any party namely, the Plaintiff, and/or the Mortgagee Banks were willing to maintain the Defendant Vessel and bear the cost of re- auction.

    When the matter was called out, Preet Overseas submitted a bid of Rs. 19.5 crores, which was subsequently eclipsed, by a higher bid of Rs. 19.75 placed by Baltanas Shipping. There were no further bids.

    Considering the precarious condition of the Defendant Vessel, the inclement weather conditions and the fact that all parties, namely, the Plaintiff, and the first Mortgagee Bank and second Mortgage Bank were unwilling to spend any money to maintain the Defendant Vessel any further and bear the cost of reauction, it was agreed by all parties that a bid lower than the value indicated in the appraisal report be accepted. In view of the above circumstances this Court accepts the bid of Baltanas Shipping, and the Defendant Vessel is directed to be sold to Baltanas Shipping for Rs. 19.75 crores as per the terms and conditions of sale. Baltanas Shipping are directed to deposit the entire amount of Rs. 19.75 crores on or before 6th September, 2013.

     

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