It may be stated that though in the correspondence indicated above Renusagar accepted its liability to pay the Unpaid Regular Interest (2.1 million U.S. Dollars) and the Delinquent Interest (U.S. $ 784, 151.84), by its letter dated September 21, 1981 Renusagar put forward certain counter claims and in a statement attached to that letter enlisted about 6 or 7 matters giving rise to such counter claims against G.E.C. By a notice of intention to arbitrate dated March 1, 1982, G.E.C. called upon Renusagar to remit the aforesaid three claims, failing which steps to refer the disputes to the Court of arbitration of I.C.C. in pursuance of article XVII of the Contract were threatened and this was followed by a letter dated March 2, 1982 addressed to the Secretariat, Court of Arbitration of I.C.C. containing a Request for Arbitration being undertaken by it seeking reliefs as set out in the notice to Renusagar.