Whether the plaintiff is entitled to a decree based upon the admission made by the defendant in the pleadings or otherwise (written statement and Exs.P-4 and P-5) admitting his liability, based upon the provisions of Order XII Rule 6 of the Civil Procedure Code, providing for Judgment on admission?

1.1. When the acknowledgment of liability, though made after the period of limitation, satisfies the conditions laid down under Section 25(3) of the Indian Contract Act, would it amount to a fresh contract in the eye of law and whether it can be made the basis of an action for recovering the amount promised and acknowledged therein by the debtor?

1.2. These are the main issues to be answered in this suit.

2. This suit has been filed by the plaintiff seeking recovery of a sum of Rs.25,50,000/- with future interest at 12% p.a. on the principal sum of Rs.25 lakhs from the date of decree till the date of payment.

3. The plaintiff, who is an Income-Tax Assessee, is also a leading Tamil Producer/Distributor-cum-Director.

3.1. The defendant is also one among the leading producers in the film industry.

3.2. For a Mega Production Venture, the defendant borrowed a sum of Rs.25 lakhs fro