PARTHAN Vs. RADHAKRISHNAN NAIR

JUDGEMENT

(1.) Debtor/petitioner seeks to revise the judgment dismissing his appeal against an order rejecting his petition under S.10 of the Insolvency Act to adjudge him insolvent.

(2.) Liabilities mentioned in the petition as outstanding due to the eight counter petitioners was Rs. 1,30,596.54 and the assets are stated to be only his wearing apparel. Main objections were that the petitioner has not disclosed all his assets and that liabilities shown are not correct. There was the general contention that he is in a position to discharge his debts. Sixth counter petitioner denied the alleged liability of Rs. 38,000/- in his favour. It is also the contention that he has got a running business in the name of his wife with the retirement benefits obtained from a partnership and with these funds he also acquired properties in the name of his father.

(3.) Petitioner was examined as PW 1 and the two counter petitioners were examined as C.PWs. 1 and 2.