JUDGMENT

I. P. Mukerji, J - This appeal is by the owner of the vessel M. V. MAHESHWARI, the second defendant in the suit.

2. It is against a judgment and order dated 21st December, 2020 passed by a learned single judge of this court affirming the order of arrest of the vessel made earlier by her on 9th December, 2020. The appellant was given the option of providing security of Rs.1,88,00,000/- with the Registrar, High Court, Original Side through a bank guarantee issued by a Scheduled Commercial Bank to obtain release of the vessel.

3. At the admission stage of this appeal, on 23rd December, 2020 a division bench of this court reduced the security to Rs.1.5 crores to be furnished by way of a banker's cheque or a demand draft. This deposit has been duly made by the appellant and the vessel released to them for their use. The appellant is plying the vessel, we are told.

4. Now, at this point of time the appeal is being pursued by them with a particular purpose in mind. They seek to withdraw the security from the Registrar and continue to ply the vessel without any security. The respondent/plaintiff insists that the security should be maintained till the disposal of the suit.

5. Now, t