JUDGMENT:

1) This application is filed by the plaintiff for the determination of priorities among the creditors to the sale proceeds of the vessel, MT Prem Mala (“said Vessel”), deposited in this Court, and for payment to the applicant in priority to the other claimants. The applicant has prayed for a direction to release the balance of the sale proceeds to the applicant after payment to the crew members in Admiralty Suit (L) No. 4545 of 2020.

2) The applicant claims first in priority on the ground that the applicant is the holder of a decree based on a registered mortgage on the said Vessel. The said Vessel belongs to defendant no. 2, who is undergoing the Corporate Insolvency Resolution Process (“CIRP”). The applicant claims preference over all other creditors of the insolvent company and is first in priority, in accordance with Section 52 of the Merchant Shipping Act, 1958 and/or under Section 10 read with Section 9 of the Admiralty (Jurisdiction and Settlement of Maritime Claims) Act, 2017 (“the Admiralty Act”).

SUBMISSIONS ON BEHALF OF THE APPLICANT:

3) According to the learned senior counsel for the applicant, in the present case, i.e., involving an India