If you can find a decent, late 40s, British made No5 bayo/scabbard for under $200, grab it and smile. That goes for one with crappy grip panels as well. Period grip panels are still available.
The Indian made bayos, were mostly made for their own use. A few of the later bayos had fitting problems. They are exact copies, made to British spec. They are just as tough and serviceable as the British blades. They just look as new.
I wouldn't be embarrassed to put one of the Indian offerings on a No5. Especially one with an "Ishy screw."
At the last gunshow I went to in Chilliwack, there were three British made No5 bayos on one table. All had scabbards and frogs. They started at $300 for a VG and went to $425 for an excellent piece, with the scabbard wrapped in wax paper and full of cosmolene. The blade was in just as fine condition but had been cleaned to show what was under the grease. Those bayo/scabbard combinations lasted about 1/2 hour after the show opened.
I talked to the vendor and he told me he was given $925 for all three by one person.