I.P.MUKERJI,J. - (1.) It appears that in terms of the settlement reached between the parties the plaintiff was required to pay to the first defendant Rs. 5.50 crores out of Rs. 11,02,77,019/- by 31st January, 2012 latest. Thereafter, the plaintiff was required to pay @ Rs. 1 crore per month from January, 2012 till May, 2012 and Rs. 52,77,019/- in June, 2012.
(2.) It appears that the contesting parties met and decided that the cheques already issued by the plaintiff and deposited with the first defendant as security for payment of the above amount had to be replaced by 16th January, 2012.
(3.) Admittedly, these cheques were not replaced.;