2018 (1) TMI 1598 - HC - Companies Law

Permission to prospective purchasers to inspect the tug - private valuation of other two tugs - HELD THAT - Learned Counsel for the Applicant tenders two private valuations for these two tugs. The valuations are in a sealed cover. The Liquidator to permit the prospective purchasers to inspect MT Sangita and even these two other tugs. The Liquidator to also consider the private valuations submitted by the Applicant and submit his response to the valuations. In the meantime, learned Counsel for the Applicant states that his client shall duly appoint a manning agency for manning and maintaining the three tugs and shall bear the expenses of the exercise. The Applicant may do so. S.O. to 14 February 2018.

Summary

The Bombay High Court directed the Official Liquidator to allow prospective purchasers to inspect three tugs, including MT Sangita. Private valuations were submitted for the tugs, and the Liquidator was instructed to consider them. The Applicant agreed to appoint a manning agency for the tugs. A third party Applicant sought to intervene on behalf of the crew of the tugs. Intervention application to be filed by the next date and served on relevant parties. Next hearing scheduled for 14 February 2018.