JUDGMENT - D.G. DESHPANDE, J.:---Heard Advocates for the applicant who has taken out this motion for vacating the order of arrest of Vessel m.v. Kim An and the Advocate for the plaintiffs.

2. This motion is taken out by the applicant in the following circumstances.

The present suit was filed on 3-11-1998 for recovering a sum of US Dollars 50,000/- and odd together with interest etc. The arrest order was passed by this Court on 3-11-1998 i.e. on the same day of filing of the suit. In the Judge's Order that was passed by this Court for arrest option was given to the defendants to furnish bank guarantee to the extent of the amount claimed in the suit. But according to the applicant, the defendants vessel was purchased by him for the purpose of ship breaking much prior to the order of arrest and before the service of arrest warrant on 5-11-1998 and since demolition activities came to stand still he was required to furnish security under compulsion. According to the applicant, beaching of the vessel was done on 16-10-1998 and permission for demolition was granted on 27-10-1998. Demolition operation started on or from the same date i.e. from 27-10-1998 and by 5-11-1998 demolition was ca

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