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5) It appears that on account of differences and disputes, which had arisen between petitioners and the respondent, the petitioner no.1 with a view to maintain family peace and harmony and to avoid any future friction in the family or misunderstandings and to arrive at an amicable settlement between the brothers, i.e. petitioner no.2, Rameshkumar Jayaswal and the respondent, decided to have a family settlement, which was arrived ig at with the assistance and intervention of relatives and well wishers, as a result of which the business empire of the petitioner no.1 was divided into two groups, namely, BLS group, which was to consist of the petitioners and Rameshkumar Jayaswal and the MKJ Group consisting of the respondent. The said family settlement was reduced into writing and accordingly an Indenture of the Family Settlement (for the sake of brevity, hereinafter referred to as "IFS") was executed on 31/7/2008. The said family settlement was executed by the petitioners and Rameshkumar Jayaswal forming part of the BLS Group and the respondent signed the family settlement for himself and on behalf of his family members, who constituted the MKJ Group.

6) The said family settlement resulted in the separation of the joint interest of the petitioners and the respondent in the shareholding of the different business Companies, other family Companies and assets and properties held jointly or individually in the name of any family member between BLS Group and MKJ Group in the ratio of 3:1 wherein each of the four parties was to get equal and near equal share therein.

The relevant clauses of the said Family Settlement from the point of view of the above petition are Clauses 7(l), 19 and 27. The same are, therefore, reproduced hereunder :

"7. It is hereby agreed by and between the parties hereto as follows :

(l) Notwithstanding anything herein contained, it has been expressly agreed and confirmed by the Parties hereto that all pending loan agreements and personal guarantees in respect of the loans already sanctioned/to be sanctioned by CIAL - Strip Mill (Siltara) and Inertia Rolling Mill and JNIL - working capital shall be signed by MKJ. MKJ will also procure and ensure that additional Term Loans are sanctioned by the banks to CIAL for the Strip Mill and to INERTIA for Rolling Mills at Siltara and sanctioned funds are released for improvising the Strip Mill and repayment of the advances given by JNIL for the Strip Mill so that it is commissioned at the earliest. For this purpose, BLS Group shall extend its reasonable cooperation to MKJ Group for release of the funds for the Strip Mill out of the funds disbursed. MKJ shall deduct a sum of Rs.593 lacs as stated in Clause 7(d) and any similar sums paid by CIAL/MKJ Group and transfer the balance fund to the Units. All these Units referred above are being run by Jayaswal Neco Industries Limited under Lease on payment of monthly rentals and as per the understanding monthly/quarterly instalments along with interest thereon payable to respective Bank/ Institutions are being provided by JNIL out of accrual of monthly lease rentals, barring only for the Strip Mill acquired by CIAL as the Strip Mill's improvisation is still not complete due to lack of funds and once the additional sanctioned Term Loan is released by Bankers for completion of improvisation, the same shall be operated under lease from CIAL and the accrued lease rent provided by JNIL shall be paid to the Bankers/Institutions funding the CIAL - Strip Mill towards part payment of principal and interest till the date of merger of the Units with JNIL.

8) As regards the said dispute, the parties charted different paths. Insofar as the respondent is concerned, he approached the Escrow Agent against non-fulfillment of the obligations by the petitioners, as a consequence of which the Escrow Agent issued directions on 7/11/2009, in respect of payment of instalments by the petitioners towards the loan of the said Strip Mill and the Escrow Agent made observations about the default being continued by the BLS Group while issuing the said directions. The Escrow Agent thereafter issued further directions on 14/4/2011 and by the said order, directed the BLS Group, i.e. petitioners to make the payment of the instalments to the Bankers of the Strip Mill.