ELEGANT CAPITALS PVT LTD Vs. IN CABLENET LTD

JUDGEMENT

(1.) BY the above Summons for Judgment, the Plaintiff has prayed that the Judgment be entered in favour of the Plaintiff in the Suit against the Defendant for the sum of Rs. 15,37,70,000/as more particularly set out in the particulars of claim being Exhibit I to the Plaint, along with further interest at the rate of 13% per annum on Rs. 11,10,00,000/from 24th March 2009 till payment and/or realization thereof and costs.

(2.) THE Plaintiff is a Company registered under the Companies Act, 1956. THE Defendant is also a Company registered and incorporated under the Companies Act, 1956. THE Defendant is engaged in the business of providing cable television network to the subscribers in the State of Andhra Pradesh.

(3.) THE Defendant by its letter dated 31st March 2006 forwarded five cheques dated 31st March, 2006, 30th June 2006, 30th September 2006, 31st December 2006 and 31st March 2007, for Rs. 1,10,497/, Rs.25,13,794, Rs. 25,41,418/, Rs. 25,41,418/and Rs. 24,86,170/respectively, towards the payment of quarterly interest at the rate of 13% per annum on the ICD of Rs. 10 crores.