LAWS(BOM)-2020-10-282

AXIS TRUSTEE SERVICES LTD Vs. MT PREM MALA

Decided On October 19, 2020
Axis Trustee Services Ltd Appellant
V/S
Mt Prem Mala Respondents

JUDGEMENT

(1.) The above Interim Application was disposed of by order dated 7th September, 2020. The operative part of the order reads thus:-

(2.) As can be seen from the aforesaid order, after hearing the parties, this Court allowed the applicant (Axis Trustee Services Limited) to withdraw the sale proceeds of the 1st defendant vessel MT Prem Mala (IMO No.9209927) lying with the Prothonotary & Senior Master on the terms and conditions as set out in the operative part of the said order and reproduced above. The operative part makes it very clear that if the exercise of furnishing the written undertaking as well as the unconditional Bank guarantee is not done within a period of six weeks from 7 th September, 2020, the Prothonotary & Senior Master of this Court shall invest the sale proceeds of the 1st defendant vessel in a Fixed Deposit with Kotak Mahindra Bank Limited for an initial period of 390 days, unless ordered to be broken earlier.

(3.) Today, an application is made by way of a Praecipe seeking a further extension of time by a period of two weeks to comply for furnishing the written undertaking as well as the unconditional bank guarantee. Considering that this is a self- operative order, namely, the consequences of not furnishing the written undertaking and unconditional bank guarantee in a timely manner, the sale proceeds were to be invested in a Fixed Deposit with Kotak Mahindra Bank Limited, I am not inclined to extend the time. This is more so, considering that State Bank of India as well as Axis Trustee Services Limited have already fled applications seeking a summary decree / judgment on admission and which are on Board today.