CHENNAI PETRO CORPORATION LTD Vs. ICICI BANK LTD

JUDGEMENT

(1.) THIS appeal is an apt illustration of how like politics, business makes strange bed-fellows.

(2.) To understand the controversy, few relevant facts, have to be stated. They are as follows:

(3.) SUBSEQUENT to the dismissal of this Special Leave Petition, MRL and M/s. Southern Petrochemicals Industries Corporation Limited had endeavoured to resolve the disputes and had accordingly arrived at a settlement, which had been initiated by authorised signatories of the parties thereto for the purpose of identification. As per the settlement, it was agreed that M/s. Southern Petrochemicals Industries Corporation Limited, would repay to MRL whatever sum had been paid by MRL towards the project in the form of share application deposit in Arochem, together with interest thereon. It was further agreed that M/s. Southern Petrochemicals Industries Corporation Limited, would repay to MRL litigation expenses and costs with reference to various legal actions initiated by MRL against M/s. Southern Petrochemicals Industries Corporation, SPIC, SACL (other company flouted by M/s. Southern Petrochemicals Industries Corporation Limited). It was agreed that, upon such repayment all the rights and obligations of MRL and M/s. Southern Petrochemicals Industries Corporation Limited, would stand fully settled by the terms of settlement and that MRL and M/s. Southern Petrochemicals Industries Corporation Limited, would have no claims or demands against each other in respect of any matter arising out of the MOU dated 17.1.1989 or in relation to the Aromatics, PTA and PFY projects, etc. etc. In terms of draft Memorandum of Settlement M/s. Southern Petrochemicals Industries Corporation Limited was due and liable to pay to MRL a sum approximately Rs. 40 crores.