BIJAYSINGH MANSINGH BAID Vs. MANSINGH H BAID

JUDGEMENT

(1.) 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 :---

(3.) THE Debtors in the affidavit in support of the Notice of Motion have principally contended as under :---