(1) CASTELO INVESTMENTS LIMITED v THE OWNERS OF THE SHIP OR VESSEL“MICHELANGELO” (Licence No. 27489)

Read the full judgment text of HCAJ 000260/2005 on BabelCite. This HCAJ judgment was delivered on 14 March 2006.

1. I have before me an application by the plaintiff for sale pendente lite , the vessel having been arrested pursuant to a Warrant of Arrest issued by the court.  The application is opposed, but in reality the dispute between the parties or the difference between the parties at the moment is over the quantum of security that should be furnished for the release of the vessel.  The defendants have offered security but not in the amount as demanded by the plaintiffs.