JUDGMENT - J.A. PATIL, J.:---The petitioning creditor has filed this petition under section 9 of the Presidency Towns Insolvency Act, 1909 (for short, the Act) for adjudicating the judgment debtor as insolvent on the ground that he has committed act of insolvency. The relevant facts necessary for appreciation of the prayers in the petition are in brief as under :-

2. The petitioning creditor had invested a sum of Rs. 5 crores by way of equity investment with the Asia Television Network Ltd. (for short 'ATN') under a memorandum of agreement dated 21-3-1996. The judgment debtor was at all material times and is the Chairman and Managing Director of the said ATN. It appears that certain disputes arose between the parties in connection with the memorandum of agreement and therefore, the petitioning creditor filed an Arbitration Petition No. 34/1997 under section 9 of the Arbitration and Conciliation Act, 1997 (for short the Act, 1997). In that proceeding, the parties arrived at a settlement and filed consent terms dated 7-8-1997. Accordingly, the Award in terms of the said consent terms came to be passed on 5-9-1997. According to the petitioners under the provisions of the Act, 1996, the

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