IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN INSOLVENCY INSOLVENCY PETITION NO.146 OF 2005 Re : Surendersingh Shersingh Dewal & Ors. ...Debtors. Ex-parte: The Jain Sahakari Bank Ltd. ...Petg. Creditor. .... Mr. R.V. Vengurlekar for the Petitioning Creditor. Mr.Manoj Singh for Debtors. ..... CORAM : DR.D.Y.CHANDRACHUD, J. August 19, 2006. P.C. The petition is based on an award dated 24th May 2004 under Section 84 of the Multi State Co-operative Societies Act, 2002. The debtors are indebted in the amount of Rs. 1,73,102/- along with further interest at the rate of 14% per annum from 1st July 2005 till payment or realiseation. An insolvency notice dated 31st August 2005 was personally served on 14th September 2005. The act of insolvency was committed on 20th October 2005. Counsel appearing on behalf of the Debtors has on instructions, stated that a period of one year be given to pay the decretal dues in instalments. Accordingly, the following order is passed : -(1) In the event that the Debtors pay the decretal dues that are outstanding under the award dated 24th May 2004 in the manner indicated hereinafter, the decree shall be marked as satisfied; -(2) The debtor shall pay the decretal dues over a period of twelve months commencing from 10th September 2006. The instalments due for succeeding months shall be paid on or before 10th day of each month. The first eleven instalments shall be in the amount of Rs.10,000/- each, while the final installment shall be of the balance due and payable together with interest; -(3) In the event that there are any two defaults or a default in the last instalment, the Insolvency Petition shall stand absolute in terms of prayer clauses (a) and (b). Counsel appearing on behalf of the Petitioning Creditor undertakes to inform the Insolvency Registrar in the event that full payment is made or in the event of there is a default. The order has been passed with the consent of the Petitioning Creditor as well as the Debtors. ......