MMTC LIMITED Vs. SKATE SHIPPING COMPANY SA

JUDGEMENT

(1.) Both the parties appear to be in catch 22 situation.

(2.) Petitioner's concern is to redeem the cargo worth 4.5 million dollars or its value. Respondent wants its vessel back Chinese Government wants its pound of flesh for retrieving the vessel and the cargo from buccaneers who are commonly known as high sea pirates. Chines authorities recognize only vessel owner. Diplomatic efforts of Government of India to get back the cargo have borne no fruits. On the representation of the petitioner respondent has been restrained from receiving the sale/auction proceeds. This order was obtained on the expectation that Chinese Authorities will release the cargo to the petitioner through the offices of the Government of India, Petitioner was either over-confident from receiving the sale/auction proceeds. On the other hand respondent has under the garb of the restraint order obtained by the petitioner shown his inability to furnish the security without being allowed to receive the sale proceeds of the cargo.

(3.) The facts relevant for resolving the dilemma of the parties need to be put in brief.