By this petition petitioner has invoked the contempt jurisdiction of this Court on the ground that the respondents (hereinafter referred to as respondent) despite entering into an agreement with the petitioner and filing an affidavit in the Court that it shall abide by the agreement did not make the payment in terms of the agreement and hence committed breach of the undertaking given to the Court and committed contempt of Court.

2. Brief facts relevant for the purpose of deciding this petition are that the respondent issued three cheques dated 31st July 2003, 31st August, 2003 and 30th September 2003 to the petitioner in discharge of its liability against purchase of material. These cheques got bounced and cases under Section 138 of Negotiable Instruments Act were filed against the respondent. During pendency of one of the complaints under Section 138, respondent entered into a settlement/agreement dated 27.4.2004 for payments of dues. In the statement, it was agreed that the respondent owed a sum of Rs.82, 30,751/- towards the petitioner company. This amount was agreed to be paid in installments and first installment was to be paid on 5.5.2004. An undertaking of C