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TMI Blog2018 (2) TMI 1983X X X X Extracts X X X X X X X X Extracts X X X X ..... ant has already received 10% of the offer amount as EMD, which it will have to deposit with the Official Liquidator. The liquidator shall hold the amount of EMD as also balance payment to be made by M/s Akil Corporation to the account of the company in liquidation. Distribution of the sale proceeds or declaration of dividend shall await hearing of the company application. The Company Applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the Official Liquidator, who has stood appointed as its liquidator. The Applicant submits that the Applicant has already received a good commercial offer from a third party for purchasing two out of the three suit tugs and that the offer is for purchase to be made by 28 February 2018. The Applicant suggests that this Court may permit sale by private treaty just now and decide the questio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court noted above, distribution of sale proceeds or declaration of dividend must await hearing of the company application. The submissions of the crew may be heard at that time. As of now, it is in the interest of justice of all stakeholders that the sale of the tugs is accomplished as expeditiously as possible. 4 Accordingly, the Official Liquidator shall sell the two tugs, namely, Gal Beau ..... X X X X Extracts X X X X X X X X Extracts X X X X
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