JAYANT NATH, J.

1. Present Contempt Petition is filed under Article 215 of the Constitution of India read with sections 11 and 12 of the Contempt of Courts Act, 1971 for deliberate, intentional and wilful disobedience of the orders of this court dated 12.01.2015, 19.02.2016 and 29.5.2017. A winding up petition was filed by the respondent No. 3 against the petitioner alleging non-payment of USD 35,740,136/- alongwith interest @ 18% p.a. The winding up petition was filed during pendency of arbitration proceedings started by respondent No.3. In the winding up petitions the parties entered into a Settlement Agreement dated 8.1.2015. The Settlement Agreement was filed before this court and the winding up petitions were disposed of on 12.1.2015.

2. The admitted position is that as per the Settlement Agreement the petitioner had undertaken to pay a sum of 30.37 million USD in stated 12 instalments. The settlement also provided that if there is default in payment of the said instalment amounts in accordance with the payment schedule then the entire outstanding amount of USD 35,740,136/- less any amount paid under the said Agreement would become payable immediately.

3. After some def