K SWARNA Vs. SAILEELA MOHAN

JUDGEMENT

(1.) THE petitioning creditor has filed the petition for adjudicating the respondents as insolvents.

(2.) THE petitioner has stated in the petition that the respondents borrowed a sum of Rs. 1 lakh from the petitioner on 10. 10. 91, agreeing to repay the same with interest at 24% p. a. THE respondents repaid a sum of Rs. 60,000 on different dates during 10. 10. 91 and 28. 6. 93. THE respondents have to pay the balance of Rs. 40,000 together with interest. When the petitioner tried to meet the respondents at their residence, he could not meet them, as the inmates in the house of the respondents declined to reveal the whereabouts of the respondents. THE petitioner has come to the conclusion that the respondents are avoiding the creditor and evade to meet him. Hence he has filed the petition.

(3.) PER contra, the counsel for the respondents contend that the second respondent is a practicing advocate and the petitioner fully knows about the second respondent and only to defame the respondents, the insolvency petition has been filed. In fact no amount is due to the petitioner.