(1.) Admit, by consent made returnable forthwith. The learned counsel appearing on behalf of the Respondents waive service on behalf of the respective Respondents. By consent, the Appeal is taken up for hearing and final disposal. This Appeal arises from a judgment of a Learned Single Judge dated 19 October 2012 in a Motion which was taken out in an Admiralty Suit.
(2.) The suit in the admiralty jurisdiction of this Court has been instituted against a vessel, M.V. Bos Angler, and her owners for a decree in an amount of Norwegian Kroners 176.500 million equivalent to Rs. 143.43 Crores together with interest. The Plaintiff, in appeal in these proceedings, is a bank incorporated under the laws of Norway and seeks a declaration of the existence of a valid and subsisting first priority registered mortgage on the vessel. The Plaintiff sought arrest and sale of the vessel in the exercise of the jurisdiction in rem, and application of the sale proceeds towards the claim in the suit. The Third to Sixth Defendants were allowed to intervene in the suit in accordance with the provisions of Rule 949 of the rules framed by this Court on the Original Side and have since been impleaded as Defendants. The owners of the vessel were taken into liquidation in Norway and the Liquidator has been impleaded as the Seventh Defendant.
(3.) On a Motion by the Plaintiff, an order was passed on 8 July 2011 for appraisement, survey and valuation. A valuation report was submitted on 3 August 2011. A reserve bid of Rs. 250 Crores was fixed by the Court and a direction was issued to the Plaintiff to advertise the sale of the vessel. On 13 September 2011 the Learned Single Judge declined to grant permission to the Plaintiff to bid for the vessel. In appeal on 16 September 2011 the Plaintiff was allowed to bid for the vessel. No bids were received. On 4 October 2011 the Single Judge ordered that the vessel shall be put up for sale once again. On 13 October 2011 the Plaintiff filed an appeal against the order of the Learned Single Judge allowing a second round of auction sale. In that appeal the Division Bench allowed the auction sale to proceed. The Plaintiff was the highest bidder at the second auction. On 30 November 2011 the Division Bench allowed the sale of the vessel to the Plaintiff subject to conditions. The sale was confirmed in favour of the Plaintiff. The Plaintiff has deposited the sale consideration, U.S. $ 33.1 million with the Prothonotary and Senior Master on 4 January 2012.