1 adms4-07 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ADMIRALTY & VICE ADMIRALTY JURISDICTION ADMIRALTY SUIT NO.4 OF 2007 Union of India & Anr. ....Plaintiffs V/s. MFV “Yash I” & Anr. ....Defendants Mr.Rahul Narichania with Mr.Firdaus N. Pavri i/b M/s.Mulla & Mulla & C.B. & C. for the Plaintiffs. None for the Defendants. CORAM : S.J. VAZIFDAR, J. DATE : 29TH SEPTEMBER, 2010. P.C. :- 1. The suit is filed to recover a sum of Rs.1,65,43,401/- together with interest and to enforce the mortgage. 2. Plaintiff No.2 – I.C.I.C.I. Bank Ltd. is the “Designated Person” appointed by the Central Government under section 16(1) of the Shipping Development Fund Committee (Abolition) Act, 1986 read with the Shipping Development Fund Committee (Abolition) Act, 1987. By a notification dated 15.4.1997, the first Plaintiff has delegated to the second Plaintiff powers and the functions of the first Plaintiff under the Act. 3. The Defendants have remained absent throughout, though they were served. There is no written statement. The Plaintiff had granted a loan on the terms and conditions in the loan agreement dated 17.6.1987 to the second Defendant of a sum of Rs.72,51,900/- for the purpose of 2 adms4-07 procuring the first Defendant vessel. A tripartite agreement also dated 17.6.1987 was also entered into between the Plaintiffs, Defendant No.2 and shipping builder M/s.Chowgle and Company Private Ltd., Goa. 4. On behalf of the Plaintiffs, an affidavit in lieu of the examination in chief of one Rakesh Devan K. dated 16.9.2010 has been filed. The Defendants having remained absent, have not questioned the same. 5. There is nothing on record that militates against the Plaintiffs claim in suit. This is a fit case to accept the averments and submissions as correct. 6. In the circumstances the suit is decreed in terms of prayers (a) to (d), (g) and (m). The costs to be quantified as per rules. However, the rate of interest shall be at 8% p.a. and not 18% p.a. The interest shall be compounded at 8% annually upto the date of the filing of the suit. Thereafter and till payment, the interest shall be compounded at 8% p.a. on the basis of simple interest. The vessel has already been arrested.