Official Liquidator vs. Gol Offshore Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION OFFICIAL LIQUIDATOR REPORT NO.62 OF 2020 IN CONTEMPT PETITION NO.756 OF 2014 AND CONTEMPT PETITION NO.119 OF 2015

Export Import Bank of India & Punjab National Bank ..Petitioner

Vs.

M/s GOL Offshore Ltd. (Formerly Known as M/s. Great Offshore Ltd. ..Respondent

Mr. Shanay Shah for Official Liquidator. Mr. Mahendhar Aithe, Company Prosecutor. Mr. Pramod Kumar Meena, Assistant Official Liquidator present in court Mr. Rohit Gupta a/w Mr. Nikhil Rajani i/b M/s V. Deshpande & Co. for JM Financial Asset Reconstruction Co. Ltd. the Secured Creditor Mr. Rishi Murarka a/w Mr. Ashok Jain, representative for ACE Ship Recycling Pte. Ltd. (Bidder) Mr. Rajesh Shahi, Managing Director of Glory Shipmanagement Pvt Ltd. (Bidder)

CORAM : K.R.SHRIRAM, J. DATE : 16th JULY 2020

P.C.:

Vessel Malaviya - 16

1 Mr. Pramod Kumar, Assistant Official Liquidator, states that two offers were received for vessel Malaviya-16, one from M/s Glory Shipmanagement Pvt Ltd. and the other one from Ace Ship Recycling Pte. Ltd., for Rs.3,01,00,059/- (for trading) and Rs.1,50,00,000/- (for scrapping). Both the offers are way below the valuation indicated by M/s ABS Consultants in its report dated 20-3-2020. Hence rejected. Though the report does not expressly state, Mr. Pramod Kumar, confirms that ABS Consultants had physically inspected the vessel.

Vessel Malaviya - 18

2 Mr. Pramod Kumar, Assistant Official Liquidator, states that two offers were received for vessel Malaviya-18, one from M/s Glory Shipmanagement Pvt Ltd. and the other one from Ace Ship Recycling Pte. Ltd., for Rs.3,01,00,059/- (for trading) and Rs.1,50,00,000/- (for scrapping). Both the offers are way below the valuation indicated by M/s ABS Consultants in its report dated 20-3-2020. Hence rejected. Though the report does not expressly state, Mr. Pramod Kumar, confirms that ABS Consultants had physically inspected the vessel.

3 The valuation report should be kept in a cover and kept sealed and shall not be shown to any party or discussed with any party. Liquidator to take fresh steps for sale of these two vessels.

4 Official Liquidator's report accordingly disposed.

5 Mr. Gupta appearing for petitioner submits that the court should accept whatever price is offered. I refuse to accept because the price is way below and petitioner was not willing to sacrifice the price difference in their claim with the Official Liquidator.

(K.R. SHRIRAM, J.)

Meera Jadhav