Akil Abdul Hamid Kureshi, J.

1. This reference to the larger Bench arises out of an order dated 27.7.2016 passed by the Division Bench of this Court in OJ Appeal No. 52/2015 and connected proceedings.

2. Brief history to the reference is as follows. One Vital Ventures Ltd., the appellant herein, had filed Admiralty Suit before the High Court praying inter-alia for a direction to defendant No. 2 to pay to the plaintiff a sum of 33,09,000 USD with interest. The plaintiff had also prayed for arrest of the ship for satisfaction of the plaintiffs claim. The plaintiff is engaged in the business of shipping and also in purchasing ships for the purpose of recycling or breaking. Defendant No. 1 is a foreign seagoing vessel flying the flag of Liberia. Defendant No. 2 is a company incorporated under the laws of Turkey. According to the plaintiff, defendant No. 2 had purchased the vessel from the plaintiff for an agreed sum of 75,00,000 USD. The defendant No. 2 had paid only a part of such sale consideration. Under various agreements, the plaintiff handed over the possession of the ship to defendant No. 2 on a promise of deferred payment of the remaining amount.

3. In the said suit the