C/AS/9/2016 ORDER DATED: 11/06/2025 IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/ADMIRALTY SUIT NO. 9 of 2016 ========================================================== ING BANK NV Versus MV NAIAS (IMO - 9611254) ========================================================== Appearance: MR HARSH N PAREKH(6951) for the Defendant(s) No. 1 MS PAURAMI B. SHETH(841) for the Plaintiff(s) No. 1 ========================================================== CORAM:HONOURABLE MRS. JUSTICE MAUNA M. BHATT Date : 11/06/2025 ORAL ORDER 1. Heard Learned Advocate Mr. Darshankumar Kabra for Ms. Paurami Sheth Learned Advocate for the Plaintiff and Learned Advocate Mr. Harsh N. Parekh for the Defendant Vessel. 2. The Learned Counsels for both parties have filed a Joint Purshis dated 02.06.2025 with Settlement Agreement dated 09.05.2025 contending interalia that the parties have amicably settled the matter outside this court, signed Settlement Agreement and further sought directions to dispose of the captioned suit in terms of the Joint Purshish and the Settlement Agreement. 3. The Joint Purshis dated 02.06.2025 and Settlement Agreement dated 09.05.2025 are taken on record and forms C/AS/9/2016 ORDER DATED: 11/06/2025 part of this order. This Court has also taken note of the Settlement Agreement dated 09.05.2025 by which the parties have settled the matter. 4. Learned counsel for the Defendant No. 1 Mr. Harsh N Parekh further submitted that by an order dated 02.07.2024, the security in AS 9/2016 in the form of Bank Guarantee No. FNGBOM604693 Dated 25 th May 2016 for a sum of USD 293,360.92 (“Bank Guarantee”) issued by the HSBC Bank along with its renewal were ordered to be returned and the HSBC Bank was released from all its obligations under the Bank Guarantee. 5. Learned Counsel Mr. Harsh N Parekh, further submitted that post the order dated 02.07.2024, the Registry returned the Original Bank Guarantee along with the renewal of 2017 and 2019 and the same was provided to HSBC Bank for the return of the collateral. As of date the Bank Guarantee Renewals dated 01.12.2018, 16.12.2019 and 24.12.2020 appears to have been misplaced and are not traceable. Learned Counsel for the Defendant No. 1 Mr. Harsh N Parekh submits that the HSBC Bank has adopted the stand that unless this Hon’ble Court passes an order clarifying that the HSBC Bank is discharged from all obligations under the Bank Guarantee, even in the absence of the return Bank Guarantee Renewals dated C/AS/9/2016 ORDER DATED: 11/06/2025 01.12.2018, 16.12.2019 and 24.12.2020, the HSBC Bank would not release the collateral provided by the Defendant to the HSBC Bank for HSBC Bank to issue the Bank Guarantee. 6. In view of the Joint Purshis dated 02.06.2025, Settlement Agreement dated 09.05.2025 and order dated 02.07.2024 the following order is passed by this Court: a. AS 9/2016 filed by the ING Bank is disposed off as withdrawn without effective hearing. b. It is made clear that as per the order dated 02.07.2024, HSBC bank was discharged from all its obligations under the Bank Guarantee even in the absence of the return of Bank Guarantee Renewals dated 01.12.2018, 16.12.2019 and 24.12.2020 to the HSBC Bank. In circumstances where the obligations of the HSBC Bank under the Bank Guarantee have been discharged, the HSBC Bank is directed to return the collateral furnished by the Defendant. c. The registry is directed to refund permissible court fees in the name of Advocate of the Plaintiff. (MAUNA M. BHATT,J) NAIR SMITA V./05-SB Original copy of this order has been signed by the Hon'ble Judge. Digitally signed by: SMITA VINU NAIR(HC00186), PRINCIPAL PRIVATE SECRETARY, at High Court of Gujarat on 11/06/2025 14:46:41