An important aspect of the physics of real materials is the nature of their magnetic properties. The magnetism is an ancient subject which still continues to fascinate us. The frustrated quantum antiferromagnets form an exciting research area of current interest. On one hand, the advancements in material chemistry have made it possible to synthesize interesting new materials; on the other, theoretical studies of frustrated spin models provide better insight into the nature of complex quantum states of spin systems . Ever since the discovery of the high-TC superconductivity in cuprates, the question of unconventional mechanism of superconductivity and the studies of spin-liquid quantum phases, have been treated with related interests. This makes the studies of frustrated spin systems, together with the search for new mechanisms of superconductivity, a topic of great current physical interest. The discoveries of new materials make these studies equally more desirable and exciting.