JUDGMENT :

1. OSV Crest Mercury/the defendant vessel and her registered owner Continental Radiance Offshore Private Limited (Continental Radiance) have taken out this application purportedly under order 39 Rule 4 of the Code of Civil Procedure, 1908 (the Code) for vacating the order of arrest of the defendant vessel dated 21st June, 2021, unconditionally, or in the alternative reducing the security to be provided for the release of the defendant vessel to USD 18415 and also for a direction to provide a counter security in the sum of USD 4885024.74.

2. The background facts leading to this application can be summarized as under:-

a] Vision Projects Technologies Private Limited (Vision Projects) instituted a Commercial Admiralty Suit praying, inter alia, an order and decree directing the defendant vessel to pay to the plaintiff a sum of Rs. USD 1,873,082.32 along with further interest @ 18% p.a. and for the arrest and sale of the defendant vessel and the application of the sale proceeds towards the claim of the plaintiff.

b] Vision Projects asserted that the defendant vessel is a tug/ offshore supply vessel having IMO 9724398. It is an Indian flag vessel. On the date of the institution of