INDIAN CABLE NET CO LTD Vs. STAR INDIA PVT LTD

JUDGEMENT

(1.) THESE two petitions are in the nature of claim and counter claim between the respective parties arising out of same set of facts. Since petitioner in one petition is the respondent in the other petition and vice versa in the connected petition, to avoid confusion in the narration of facts, the petitioner in Petition No. 142(C) of 2005 shall be referred to as ICNL and petitioner in Petition No. 145(C) of 2005 shall be referred to as Star for the purpose of disposal of these petitions.

(2.) Brief facts as could be noticed from the Petitions and replies thereto are as follows:-

(3.) IT is at that stage on 8th June, 2005 that ICNL approached Star and an amicable settlement was arrived at wherein Star India agreed to reduce the amount demanded from Rs. 11,37,67,608/- to Rs. 7.5 crores on the condition that ICNL pays a sum of Rs. 2.5 crores upfront and the balance amount to be paid in equal instalments of Rs. 33,27,600/- per month within a period of next nine months, last of which payment was to be made on 31st March, 2006. ICNL in its petition has stated that it has been complying with the said terms of the agreement.