Delhi High Court - Orders
Mercator Ltd vs Dredging Corporation Of India Ltd on 11 May, 2026
$~44 to 46
* IN THE HIGH COURT OF DELHI AT NEW DELHI
O.M.P.(EFA)(COMM.) 2/2019, CCP(O) 21/2025,
EX.APPL.(OS) 27/2020 (Dir.), EX.APPL.(OS) 182/2020 (Dir.),
EX.APPL.(OS) 346/2022 (Dir.), EX.APPL.(OS) 2985/2022
(Dir.), EX.APPL.(OS) 748/2024 (Dir.), EX.APPL.(OS)
976/2025 (Dir.), EX.APPL.(OS) 977/2025 (Dir.) &
EX.APPL.(OS) 718/2026 (Dir.)
MERCATOR LTD. .....Decree Holder
Through: Dr. Amit George, Ms. Smriti
Churiwal, Mr. Jaiveer Kant,
Ms. Meher Thapar and Mr.
Vaibhav Gandhi, Advs.
versus
DREDGING CORPORATION OF INDIA LTD.
.....Judgement Debtor
Through: Mr. Gautam Narayan, Sr. Adv.
with Mr. Vinamra Kopariha,
Mr. Mayank Bhargava and Ms.
Seshagiri Vadlamani,
Advocates.
45
+ O.M.P.(EFA)(COMM.) 3/2019, EX.APPL.(OS) 28/2020 (Dir.),
EX.APPL.(OS) 183/2020 (Dir.), EX.APPL.(OS) 347/2022
(Dir.), EX.APPL.(OS) 368/2022 (Dir.) & EX.APPL.(OS)
750/2024 (Dir.)
MERCATOR LTD. .....Decree Holder
Through: Dr. Amit George, Ms. Smriti
Churiwal, Mr. Jaiveer Kant,
Ms. Meher Thapar and Mr.
Vaibhav Gandhi, Advs.
versus
DREDGING CORPORATION OF INDIA LTD.
.....Judgement Debtor
Through: Mr. Gautam Narayan, Sr. Adv.
This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.
The Order is downloaded from the DHC Server on 13/05/2026 at 21:09:52
with Mr. Vinamra Kopariha,
Mr. Mayank Bhargava and Ms.
Seshagiri Vadlamani,
Advocates.
46
O.M.P.(EFA)(COMM.) 4/2019, EX.APPL.(OS) 29/2020 (Dir.),
EX.APPL.(OS) 184/2020 (Dir.), EX.APPL.(OS) 369/2022
(Dir.), EX.APPL.(OS) 2986/2022 (Dir.) & EX.APPL.(OS)
749/2024 (Dir.)
MERCATOR LTD. .....Decree Holder
Through: Dr. Amit George, Ms. Smriti
Churiwal, Mr. Jaiveer Kant,
Ms. Meher Thapar and Mr.
Vaibhav Gandhi, Advs.
versus
DREDGING CORPORATION OF INDIA LTD.
.....Judgement Debtor
Through: Mr. Gautam Narayan, Sr. Adv.
with Mr. Vinamra Kopariha,
Mr. Mayank Bhargava and Ms.
Seshagiri Vadlamani,
Advocates.
CORAM:
HON'BLE MR. JUSTICE HARISH VAIDYANATHAN
SHANKAR
ORDER
% 11.05.2026 EX. APP. (OS) NO. 718/2026 (For. Direction)
1. The present Application has been preferred under Section 151 of the Code of Civil Procedure, 1908 seeking permission of this Court to effect sale of the asset known as "Dredger XI" through the e- auction mechanism conducted by MSTC Limited and for consequential directions that the entire sale proceeds arising therefrom be appropriated towards satisfaction of the Award amount.
This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 13/05/2026 at 21:09:52
2. This Court has heard Mr. Gautam Narayan, learned Senior Counsel appearing on behalf of the Applicant/Award Debtor, and has also perused paragraph 10 of the present Application, which sets out the proposed timelines and procedural framework contemplated for the sale of Dredger XI through the MSTC e-auction process.
3. Per contra, learned counsel appearing on behalf of the Award Holder, Dr. Amit George, submits, on instructions, that the Award Holder has no objection to the proposed e-auction being conducted, subject to the sale proceeds realized there from being directly deposited by the Applicant into the bank account of the Award Holder. The particulars of the Award Holder's bank account have been provided as follows:
Account Number: 699105600705 IFSC Code: ICIC0004992 Bank Name: Mercator Ltd.
Branch Name and Address: ICICI Bank Ltd., Kandivali E Thakur Comp Branch, Mumbai
4. Learned counsel for the Award Holder further submits that vide Order dated 23.04.2026, this Court had already granted a last indulgence to the Applicant/Award Debtor by granting a period of two (02) weeks to place on record a concrete proposal towards satisfaction of the awarded amount, and therefore, no further extension ought to be granted.
5. In rebuttal, Mr. Gautam Narayan, learned Senior Counsel appearing on behalf of the Applicant/Award Debtor, submits that the Applicant is a company in which majority shareholding and management control vest in a consortium comprising four Central Government-owned Major Port Authorities, namely, Visakhapatnam Port Authority (VPA), Paradip Port Authority (PPA), Deendayal Port This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 13/05/2026 at 21:09:52 Authority, Kandla (DPA) and Jawaharlal Nehru Port Authority, Mumbai (JNPA).
6. He further submits that the Board of the Applicant comprises the Chairpersons of the aforesaid Port Authorities along with independent Directors, the Managing Director and the Chief Executive Officer, and accordingly certain administrative approvals and deliberations in respect of the proposal would require additional time.
7. Learned Senior Counsel for the Applicant accordingly submits, on instructions, that a further period of four (04) weeks be granted, as a last and final indulgence, to enable the Applicant to place on record a concrete proposal setting out the manner in which the awarded amount shall stand satisfied.
8. Having considered the submissions advanced on behalf of the parties, this Court is of the view that the present Application deserves to be allowed in the interest of facilitating realization of the awarded amount. Accordingly, the Applicant is permitted to conduct the e- auction of Dredger XI through MSTC Limited in accordance with the procedure set out in the present Application.
9. It is further directed that the entire sale proceeds realized from the said e-auction shall be deposited directly into the bank account, particulars of which are set out in paragraph 4 hereinabove, and the Applicant shall place on record the details of such remittance immediately upon completion thereof.
10. Further, upon such payment to the Award Holder in the manner as set out by the Award Debtor in the Application, the Applicant is also directed to place on record the comprehensive proposal for satisfaction of the remaining Award amount before the next date of hearing, failing which no further indulgence shall be granted.
This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 13/05/2026 at 21:09:52
11. The present Application stands disposed of in the aforesaid terms.
O.M.P.(EFA)(COMM.) 2/2019 O.M.P.(EFA)(COMM.) 3/2019 O.M.P.(EFA)(COMM.) 4/2019
12. List on 10.09.2026.
HARISH VAIDYANATHAN SHANKAR, J.
MAY 11, 2026/LP/ma/kr This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 13/05/2026 at 21:09:52