Madras High Court Legal Services Authority on Saturday settled a litigation which was pending for the last about 15 years by arriving at an agreement among the parties involved at the Lok Adalat to the tune of Rs 96.63 crore. As per the advice of the Chief Justice to settle the dispute involving Infrastructure and Leasing Financial Services Limited, Southern Petrochemical Industries Corporation Ltd (SPIC) and Sical Ships, which was pending from 2001, the High Court Legal Services Authority took up the matter and an agreement was arrived at the Lok Adalat.
The dispute aroused after SPIC borrowed Rs 60 crore from the financial services to commence a shipping company with the help of Sical Ships. The Sical Ships had also borrowed separately Rs 10 crore from the financial services.
However, following a loss in the shipping business, the SPIC and Sical were unable to repay the instalments, following which the Infrastructure and Leasing Financial Services Limited filed suits seeking for a direction for payments.
When it had come before the Chief Justice for hearing, he asked the counsels whether they could settle the matter in Lok Adalat, which was accepted by the counsels of the three parties. As per the settlement, SPIC and Sical agreed to pay a total of Rs 96.63 crore including interest to the Leasing Financial Services Limited.
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