STATE BANK OF INDIA Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) THE present notice of motion inter alia seeks orders and directions against the respondents the Board of Trustess of the Port of Tuticorin to deposit balance of the sale proceeds in respect of the vessel m. v. Unilaxmi after defraying its charges towards the sale and other incidental expenses.

(2.) THE plaintiffs is State Bank of India which has filed the present suit to recover from the defendants a sum of Rs. 2,78,35,092. 57 on account of certain facilities offered by the plaintiff to the 1st defendant Universal Shipping Co. Pvt. Ltd. which has since gone in liquidation and the Official Liquidator has been implead as defendant No. 1. The defendant Nos. 2 to 7 are the guarantors with whom we are not concerned with the reliefs claimed in the present notice of motion. The respondent is the Board of Trustees of the Port of Tuticorin who is the contesting party to the present claim.

(3.) TOWARDS the facilities offered by the plaintiff-bank to the 1st defendant-company which is now in liquidation, the company had offered the vessel m. v. Unilaxmi as security. The vessel was mortgaged by the company in favour of the plaintiff.