AXIS TRUSTEE SERVICES LIMITED Vs. DLB NAND GAURAV

JUDGEMENT

(1.) The Plaintiffs/Applicants seek payment out/release of Rs.67,29,18,791.00 (Rupees Sixty-Seven Crores Twenty-Nine Lakhs Eighteen Thousand Seven Hundred and Ninety-One Only) out of the balance sale proceeds of the Defendant vessel together with accrued interest, towards satisfaction of their decree.

(2.) The Defendant vessel was arrested on 25/11/2021 and subsequently, was sold to Tog Mor Transport on 7/7/2022 for a total sale consideration of Rs.76,66,88,000.00. The bill of sale was also issued on 15/7/2022. The balance sale proceeds of Rs.74,67,45,769.00 is now deposited with this Court.

(3.) Mr. Bharucha, the learned counsel appearing on behalf of the Applicants, submits that the Hon'ble Bombay High Court on 5/4/2022 decreed the Applicant/Plaintiff's suit for an aggregate amount of US$ 2,76,91,421.56 along with interest @ 10.837380 % [i.e. 3-month LIBOR plus 6.50 % p.a.] from 1/4/2018 till the date of decree. A sum of Rs.3,40,07,890.00 for the expenses incurred by the Applicant towards preservation and maintenance of the Defendant vessel before arrest, was also allowed and decreed by the said judgment and order.