37 ial 25181 of 2022.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ADMIRALTY AND VICE ADMIRALTY JURISDICTION

IN ITS COMMERCIAL DIVISION

INTERIM APPLICATION (L) 25181 OF 2022

IN

COMM. ADMIRALTY SUIT NO.85 OF 2021

IDBI Bank Ltd.

…

Applicant/Plaintif

Versus

MV Tag Navya (IMO No.8819081) and Anr.

...

Defendants

WITH

INTERIM APPLICATION NO.493 OF 2021

IN

COMM. ADMIRALTY SUIT NO.85 OF 2021

Suresh Kumar Magotra

…

Applicant

and

IDBI Bank Ltd.

…

Plaintif

versus

Tav Navya and Anr.

…

Defendants

WITH

INTERIM APPLICATION NO.496 OF 2021

IN

COMM. ADMIRALTY SUIT NO.85 OF 2021

Capt. Neeraj Prakash Gandhi

…

Applicant

and

IDBI Bank Ltd.

…

Plaintif

versus

Tav Navya and Anr.

…

Defendants

WITH

INTERIM APPLICATION (L) NO.24472 OF 2021

WITH

COMM. ADMIRALTY SUIT NO.74 OF 2021

Oil and Natural Gas Corporation Ltd.

…

Applicant

versus

Sale Proceeds of M.

V.

Tag Navya

…

Defendants

WITH

INTERIM APPLICATION (L) NO.8013 OF 2021

SSP 1/13

SWAROOP

SHARAD

PHADKE

Digitally signed by

SWAROOP

SHARAD PHADKE

Date: 2022.11.24

17:33:52 +0530

37 ial 25181 of 2022.doc

IN

COMM. ADMIRALTY SUIT NO.85 OF 2021

Arjun Singh Kalra

…

Applicant

and

IDBI Bank Ltd.

…

Plaintif

versus

M.

V.

Tag Navya and Anr.

…

Defendants

WITH

INTERIM APPLICATION (L) NO.8774 OF 2021

IN

COMM. ADMIRALTY SUIT NO.85 OF 2021

Amarjeet

…

Applicant

and

IDBI Bank Ltd.

…

Plaintif

versus

M.

V.

Tag Navya and Anr.

…

Defendants

WITH

INTERIM APPLICATION NO.50 OF 2022

IN

COMM. ADMIRALTY SUIT NO.85 OF 2021

Jamil Akhtar

…

Applicant

and

IDBI Bank Ltd.

…

Plaintif

versus

M.

V.

Tag Navya and Anr.

…

Defendants

Mr. Zarir Bharucha with Mr. Rishi Thakur, Ms. Dhwani Gala i/by ZBA for IDBI Bank

in IAL 25181 of 2022, and for Respondent in IAL 8013 of 2021, IA 50 of 2022, IAL

8774 of 2021, IA 493 of 2021 and 496 of 2021.

Ms. Rajalakshmy Mohandas i/by Rajalakshmy Associates for Plaintif in COMAS 74

of 2021.

Mr. Jainendra Sheth i/by Mr. Yunus Vakharia for Applicant in IAL 8013 of 2021.

Mr. Mayank Vira i/by Dave and Co., for Applicant in IA 496 of 2021 and IAL 8774 of

2021

Ms. Gayatri Mohite i/by The Law Point for Plaintif in COMASL 17795 of 2022.

Mr. Amir Arsiwala with Mr. Dhaval Deshpande, Ms. Nidhi Shah, for Liquidator – Tag

Ofshore.

SSP 2/13

37 ial 25181 of 2022.doc

CORAM: N.J.JAMADAR, J.

DATE:

22

nd NOVEMBER, 2022

P.C.:

1.

Interim Application (L) No.25181 of 2022 is taken out seeking

declaration that being the registered mortgagee of M.

V.

Tag Navya – Defendant No.1

Vessel and a decree holder, the Applicant/Plaintif is entitled to priority in payment in

accordance with Section 10(1)(b) of the Admiralty (Jurisdiction and Settlement of

Maritime Claims) Act, 2017 (the Admiralty Act, 2017) and for an order to release the

entire sale proceeds of the Defendant No.1 Vessel after keeping aside the sum of

Rs.4,41,18,686/- to cover the amount towards the claim of the claimants who stand

high in priority.

2.

M.

V.

Tag Navya – Defendant No.1 Vessel was arrested pursuant to an

order dated 20

th January, 2020. By a subsequent order dated 22

nd May, 2020 the

Defendant No.1 Vessel was sold and the sale proceeds have since been realized. Tag

Ofshore Limited – Defendant No.2 was the registered owner of the Defendant No.1

Vessel. Insolvency Resolution Proceedings were initiated against Tag Ofshore

Limited and pursuant to the orders passed by the National Company Law Tribunal

(NCLT) under Section 33 of the Insolvency and Bankruptcy Code, 2016, Tag Ofshore

Limited is ordered to be liquidated and the liquidator stands appointed.

3.

The Applicant/Plaintif instituted Commercial Admiralty Suit No.85 of

SSP