Of the Rs 41 lakh, part payment has been made in the order of Rs 32.5 lakh in April and June this year. The Essar group company still owes Rs 8.5 lakh of the principal amount and another Rs 2.35 lakh of accrued interest, as per the petition filed in the high court. Earlier, the broking firm had claimed an amount of Rs 2 crore due from India Securities. RC Goenka subsequently received a consent award from the arbitration tribunal in February 1999, following which the Ruias were to pay the brokerage a sum of Rs 41 lakh. The consent order was passed by judges YB Chandrachurd, ML Pendse and VD Tulzapurkar. Essar officials confirmed that a legal tussle was under way with RC Goenka. According to the earlier order, India Securities had to pay the amount in three instalments -- on April7, June 7 and August 9 this year.

For each of the first two instalments India Securities had defaulted, RC Goenka officials said, but subsequently had paid up Rs 32.5 lakh after the due dates.

The last installment, payable on August 9 this year has not been paid, RC Goenka, an official at the brokerage, told The Financial Express following which the petition was filed in the Mumbai high court. RC Goenka, back in 1995, had received a loan of Rs 2 crore from India Securities against shares held by it. But it claims that even as the money was paid by the firm in 1996-97 the shares were not released. Eventually, when the shares were released, RC Goenka claimed Rs 1.15 crore for trading losses suffered due to the delay in the release of the said shares.