1984 PLP 391 (MLD)

Nemo for Defendants Nos. 7, 8 and

9. Muhammad Naeem for Defendant No.

10. Muhammad Ali Sayeed for Intervenor Paribas. M. H. Kazmi for Foreign Intervenors Trade Simab and Cargal. A. H. Mirza for Fatima Enterprises and Punjab Agro. Sattar Memon for M/s. S.P.Warind, M/s. Abdul Wahid and Abdul Majid. Samiuddin Sami for Ghee Corporation of Pakistan. Date of hearing: 30th January, 1984. In response to the sale notice issued by the Nazir on 13/14th January, 1984, as many as 15 offers have been received for the purchase of Soyabeen oil. The Nazir has' accordingly made a reference for acceptance of the highest offer made by the Ghee Corporation of Pakistan at the rate of 8,735.27 per ton on the terms and conditions mentioned in the sale notice. The learned counsel for the parties except the foreign Intervenors, who are represented by Mr. M. H . Kazmi, Advocate have consented to the acceptance of the highest offer made by the Ghee Corporation of Pakistan. I, therefore, before accepting the offer deal with the objection raised by the foreign intervenors in the case.

2. Mr. M. H. Kazmi, the learned counsel for the foreign Intervenors, contends that the offer made by the Ghee Corporation of Pakistan is low as the foreign Intervenors, if they are permitted to re-export the Soyaben oil, are in a position to make a better offer in foreign currency. This course suggested by the learned counsel for the foreign. Intervenors cannot be accepted as the cargo has been brought to Pakistan through import and there is no authority vested in the Court to allow re-export of such a commodity out of Pakistan. I asked the learned counsel, if he is prepared to make an offer the purchase of the commodity in local currency but he is unable to make such an offer. I, therefore over-rule the objection raised by Mr. M. H. Kazmi and accept the offer of the Ghee Corporation of Pakistan, which is the highest offer amongst the 15 offers so far received by the Nazir of this Court. It is clarified that the offer is accepted subject to all the conditions which are mentioned in the sale notice and which inter alias, include the condition that as and from today the storage charges shall be payable in respect of the cargo by the Ghee Corporation of Pakistan. The amount of Rs.1,11,81,146 paid by the Ghee Corporation of Pakistan, alongwith their offer shall be held in deposit by the Nazir as a security and will be adjustable against the last supply to be affected to the purchaser. The Nazir will immediately put this amount in Khas deposit certificates and all further sale proceeds which may be received from time to time will also be invested likewise. The defendant No.10 who is represented by Mr. Muhammad Naeem, admits before me that the entire cargo of Soyaben oil weighing 12,800 tons (less 171 tons which is alleged to be shortage) is stored in the three Terminals, namely, Haji Dosan Limited, Cosmopolitian Corpo. and Pakistan House International at the instance of defendant No.10 and they are in the custody of the same. Learned counsel for defendant 10 further contends that they have already paid substantial amount of storage charges to the aforesaid terminals. It is agreed by all the learned counsel for the parties (except the foreign intervenors) represented by Mr. M. H. Kazmi, that in order to avoid any difficulty in the delivery of the cargo to the purchaser the defendant 10 may be paid a sum of Rs.23 lacs, as an ad hoc payment towards their alleged claim subject to final determination of their alleged claim of storage charges out of the sale proceeds by the Nazir. All deliveries to the purchaser, it is clarified, will be made only against a delivery order issued by the Nazir of this Court to be issued upon advance deposit of the amount for the proposed delivery, in Court. The delivery of the entire cargo shall be taken by the purchaser within thirty days from today and in case of default, the security deposit paid by them alongwith their offer will be liable to be forfeited by the Court. For the purposes of affecting delivery of the cargo to the purchaser the Nazir is appointed as Receiver of the entire cargo by consent and he will take appropriate measures for affecting delivery to the purchaser in accordance with the usual practice followed in this regard. It is further clarified with consent of defendant 10's counsel that upon determination of the alleged dues of defendant 10, in respect of storage charges, if it is found that any excess payment has been received by him in this regard the same shall be refunded to the Court. As and from today the storage charges shall be paid directly by the purchaser to the terminals. M. B . A . Order accordingly