JUDGMENT -F.I. REBELLO, J.:---The petitioning creditor has moved the Court by way of notice under section 9(2) of the Presidency Towns Insolvency Act which hereafter shall be referred to as 'the Act'. By the present Notice of Motion the judgment debtor Nos. 1 and 2 have prayed that the Notice of Insolvency served on judgment Debtors Nos. 1 and 2 be set aside. A few facts may be set out which will assist the Court in deciding the issue in controversy.

2.An Award was passed in arbitral proceedings between the judgment creditor, judgment Debtors and others. The judgment creditor has been identified in the Award as belonging to MSB Group. Shri Bijaysingh Mansingh Baid, Sunderdevi Bijaysingh Baid, Jaykumar Bijaysingh Baid, Aruna Ajaykumar Baid, Sanjaykumar Bijaysingh Baid, Minakshi Sanjaykumar Baid and Vinaykumar Bijaysingh Baid are described as belonging to BSB Group. Similarly, Tejsingh M. Baid and Samta Tejsingh Baid are described as belonging to TSB Group. The matter was referred for the decision of the Sole Arbitrator by three separate writings as reflected in the Award. The relevant part of the award which will be necessary for the purpose of the present discussion is as under :---

"I hereby award and direct that Shri Mansingh Baid, Shri Tejsingh Baid and Smt. Samtadevi Tejsingh shall transfer and assign the shares standing in Uniflex Cables Pvt. Ltd. in their respective names to the nominees of the BSB Group at face value by handing over the share certificate and executing appropriate transfer forms and shall execute further papers as may be required. I hereby award and direct that the members of the BSB Group shall pay to Tejsingh Baid the credit balance with interest as shown in his name in the book of account of Uniflex Cables Ltd. within 15 days of the date of this Award."

11. JEWELLERY ORNAMENTS :

"I hereby award and allot Jewellery and Ornaments listed in Annexure 1 hereto as under:---

i) Jewellery and ornaments listed in List A of the Annexure 1 will belong to Shri Mansingh Baid.

ii) Jewellery and ornaments listed in List BI of the Annexure 1 will belong to the memebrs of BSB Group. I hereby direct Mansingh Baid to handover the same to the members of BSB Group.

iii) Jewellery and ornaments listed in List B2 of the Annexure 1 well belong to the members of TSB Group. I hereby direct Mansingh Baid to handover the same to the memebrs of BSB Group.

iv) I hereby award and direct the Jewellery and Ornaments listed in list "C" and "D" of Annexure I will belong to each of the party here i.e. MSB, BSB Group and TSB Group in 1/3 proportion. I hereby direct Shri Mansingh Baid either to distribute the actual Jewellery and ornaments in 1/3 proporation or the value thereof in the same proportion among the parties hereto."

"12. I hereby award and direct that members of BSB Group shall pay upto Shri Mansingh Baid a sum of Rs. 1,57,70,000.00 (Rs. One Crore Fifty Seven lacs Seventy Thousand Only) within one month from the date of this award failing which the memebrs of the BSB Group will be bound and liable to pay to Shri Mansingh Baid compensation at the rate of 2% per month for the first three month when the default continues and thereafter at the rate of 3% per month. The said sum of Rs. 1,57,70,000.00 (Rs. One Crore Fifty Seven lacs Seventy Thousand Only) from the date of this Award until the payment and/or realisation thereof.

Meanwhile, to secure the payment of the said sum of Rs. 1,57,70,000.00 (Rs. One Crore Fifty Seven lacs Seventy Thousand only) payable by members of BSB Group to Shri Mansingh Baid, I further award that Shri Mansingh Baid shall have charge on the shares held by members of BSB Group in Uniflex Cables Ltd. I direct the memebrs of BSB Group to handover the said shares to Shri Mansingh Baid which Shri Mansingh Baid will hold as security and on receipt of the said sum Rs. 1,57,70,000.00 (Rs. One Crore Fifty Seven Lacs Seventy Thousand only) together with the amount of compensation, if any, Shri Mansingh Baid will return t

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