of Rs.13,50,00,000/- by the Plaintiff to the first Defendant towards funding the cost of production as per the schedule set out in clause 2 thereof. In clause 3, it was recorded that the Plaintiff had paid an advance amount of Rs.2,50,00,000/- which was acknowledged by the first Defendant. In case the first Defendant did not complete the movie by the first week of April 2009, the Agreement provided for the payment of interest by the first Defendant at 24% per annum on the entire sum of Rs.13,50,00,000/- until the date of completion and handing over of the first copy of the movie to the Plaintiff. The Plaintiff was declared as the producer of the movie and the negative right holder. In terms of and pursuant to the Agreement, the Plaintiff paid the first Defendant a sum of Rs.4,25,00,000/- in the aggregate, including the sum of Rs.2,50,00,000 which was acknowledged therein. The receipt of the said sum in several tranches was acknowledged by the first Defendant by counter signing, in acceptance, a letter dated 12.02.2010 from the Plaintiff to the first Defendant (the Letter). According to the Plaintiff, the first Defendant did not commence production of the movie. The suit for recovery of a sum of Rs.9,53,50,000/- was filed in the above facts and circumstances.
