JUDGMENT :

1. The revisional application arises out of an order dated June 13, 2023 passed by the learned Judge, Commercial Court at Alipore in Arbitration Execution Case No.03 of 2022. By the order impugned, the learned court rejected I.A. No.02 of 2023, which was an application for recalling of an order dated April 5, 2023 passed in I.A. No.01 of 2022.

2. I.A. No.01 of 2022 was filed by the award holder with prayers for directions upon the judgment debtor to furnish security to the extent of Rs.3,19,30,564/- or in the alternative to deposit the entire amount in a short term interest bearing fixed deposit till the execution was satisfied. Such application was disposed of on April 5, 2023, by the learned Commercial Judge directing the award debtor to secure the entire amount within four weeks from the date of the order in the form of a renewable bank guarantee in favour of the petitioner/award holder, to be deposited with the learned Registrar, Alipore, till further orders.

3. The learned Commercial Judge considered the allegations made by the award holder that the award debtor was trying to surreptitiously withdraw the money lying in the bank account and was also selling out valuable