JUDGMENT - SHAH A.P., J.:---These three Notice of Motions involving a common question of law have been referred to the Division Bench by Chandrachud, J. The common question of law is whether an insolvency notice under sub-section (2) of section 9 of the Presidency Town Insolvency Act, 1909, can be sustained on the basis of an Arbitral Award that has been passed under the Arbitration and Conciliation Act, 1996. In all the three cases Arbitral Award has been passed against debtors who have filed these motions and the Arbitral Award had not been challenged under section 34 of the Arbitration and Conciliation Act, 1996. On the basis of the Award, insolvency notices came to be issued by the petitioning creditors under sub-section (2) of section 9 of the Presidency Town Insolvency Act , 1909. These notices are impugned on the ground that the Arbitral Award is neither a decree nor an order within the meaning of section 9(2) of the Act and that, therefore, such an Award cannot form the foundation of a valid insolvency notice. Chandrachud, J., held that the Arbitral Award which has attained finality is enforceable as if it were a decree of the Court. The Award assumes the character of a dec

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