By virtue of an order passed by a Coordinate Bench on June 20, 2017 under Section 9 of the Arbitration and Conciliation Act, 1996, a learned
Receiver was appointed to take symbolic possession of 47,397,530 shares held by Marg Ltd. in Karaikal Port Pvt. Ltd. Learned senior counsel
appearing for the applicant submits that since no challenge has been preferred against the award under execution, there is no impediment in initiating
the process of sale of the concerned shares.
Keeping in mind, as rightly submitted by learned senior counsel appearing for the applicant, the variations which the value of the shares in question
might be subject to, particularly during the current pandemic and economic conditions, there ought to be initiation of the process of sale of the shares.
However, the process of sale shall be finalized only by virtue of confirmation by Court.
Learned Receiver Mr. Debajyoti Datta of the Bar Library Club is requested to initiate proceedings at the earliest for sale of the 47,397,530 shares
held by Marg Ltd. in Karaikal Port Pvt. Ltd. as specified in the order under Section 9 dated June 20, 2017 and in the letter issued by the learned
Receiver, respectively annexed at pages 83 and 94 of the application under Section 36 of the 1996 Act, however, subject to the rider that the sale shall
be concluded only after being confirmed formally by the Court. The learned Receiver will be free to raise bills in the meantime for additional expenses,
if necessary for undertaking the sale process, which expenses shall be borne by the award holder/petitioner. The award holder/petitioner shall
communicate this order within a week to the award debtor/respondent as well as to the learned Receiver who is in symbolic possession of the shares
and file an affidavit of service to that effect on the next date of hearing.
It is made clear that the Receiver shall remain in possession of the said shares as well as the rest of the order passed under Section 9 of the 1996 Act,
in respect of injunction etc., shall remain in force till final orders are passed in the execution application under Section 36 of the 1996 Act. The
question of additional remuneration to the Receiver, if any, is kept open to be decided by the Court later.
Let the matter appear on 8th July, 2021 for final hearing.
Urgent photostat certified copy of this order be supplied to the parties, if applied for, subject to compliance with all requisite formalities.
