KUMARATHAL Vs. BALASUBRAMANIA GOUNDER

JUDGEMENT

(1.) This revision is against the concurrent. finding of the Courts below whereby the first respondent herein was adjudicated as insolvent. The legality of the said finding is challenged in this revision.

(2.) The material averments are, what the petitioner herein obtained a decree against the first respondent herein in O.S. No. 243 of 1978, on the file of the District Munsif's Court, Pollachi and on the date of the filing of the insolvency petition, a sum of Rs. 13,467.75 p. was due to her.

(3.) In the execution of the said decree, the petitioner herein attached the properties of the first respondent, and when the property was, brought for sale, the insolvency petition was filed by the first respondent herein, to adjudicate him as an insolvent. In that petition, he has stated that he is an agriculturist and that he has no source of income. He is the owner in possession of B Schedule property, owing an area of nearly ten acres, with a newly dug well and also a 5 H.P. Motor. It is said therein that he depends only on seasonal rains and that he is incurring loss every year due to failure of monsoon. It is also stated that due to failure of monsoon, he had to borrow heavily from outside. .A' Schedule contains the debts. First Item in A Schedule is the decree debt obtained by the petitioner herein. The second item is said to be a debt due to the second. respondent in a sum of Rs. 50,000/- under three promissory notes. He has stated in that petition that the respondents therein are pressing for payment of their dues, but he is not in a position to discharge his debts. He has said that his assets are far less than the debts due by him to his creditors, and in such circumstances, he wanted himself to be adjudicated as an insolvent.