JUDGMENT :

N. KIRUBAKARAN.J.,

1. The Appeal has been preferred by the pawnbrokers, who got the jewels from the insolvent aggrieved over the order passed by the Learned Single Judge on 09.10.2020 directing the Appellants to redeem the jewels from Catholic and Syrian Bank and hand over the same to the Official Assignee.

2. Heard Mr. K.P.Gopalakrishnan, Learned Counsel representing Mr. M.Aravind Kumar Learned Counsel for the Appellants and Mr. Vasantha Kumar, Learned Official Assignee and perused the materials placed on record, apart from the pleadings of the parties.

3. It is evident that the First Respondent got jewels from general public, stating that he will not charge any interest for the jewels pledged with him. Believing the representation made by the First Respondent, many persons had pledged the jewels and took loan from the First Respondent. In turn, the First Respondent re-pledged the jewels with the Appellants and similarly placed persons and got money.

4. The First Respondent was unable to repay the money to the persons, who pledged their jewels with him. Therefore, he filed voluntary Insolvency Petition before this Court and got himself adjudicated as an Insolvent in Insolven