STRACON INDIA LTD. Vs. PRASAR BHARTI

JUDGEMENT

(1.) VIDE the present petition the petitioner has challenged the award dated 14.03.2014 whereby the petitioner was directed to pay the sum of Rs. 7,31,00,000/ - alongwith interest @ 6% p.a.. While awarding this sum to the claimants the ld. Arbitrator had rejected the other claims of the claimants . It is to be noteworthy here that the petitioner had admitted its liability to pay the said sum and had issued a cheque No. 945977 dated 20.05.1999 drawn at Canara Bank, Bhagwan Dass Road Branch, New Delhi. However, the petitioner had subsequently stopped the payment of the said cheque.

(2.) THE admitted facts of the case are that a Memo of Understanding was drawn by the parties on 22.01.1999 wherein it was agreed that the petitioner would obtain from M/s. Word Tel for the exclusive 'live' and 'highlights', rights in respect of Coca Cola Trophy One Day Cricket Series. In the same year World Cup 1999 also came to be played and the parties had entered into an arrangement for marketing of the World Cup 1999 as well. For the purpose of facilitating the accounting of the two events, a special account was opened in the name of the respondent/claimant with Canara Bank, Bhagwan Dass Road Branch, New Delhi on the understanding that all receipts in respect of the two events would be deposited in the said account.

(3.) THE petitioner had also taken the plea that the Claim of Respondent was barred by limitation and so liable to be dismissed.