B SRINIVASAN Vs. N JAMBULINGAM

JUDGEMENT

(1.) THE Petitioning Creditor has filed this I.P., under Sections 9(2), 10, 11, 12 and 13 of the Presidency-Towns Insolvency Act, 1909 (hereinafter referred to as 'the Act') praying to adjudicate the Debtor as an insolvent, to direct the estate of the Debtor be vested in the Official Assignee of Chennai, for the benefit of the general body of Creditors and Debtor and for costs.

(2.) THE Petitioning Creditor and his Wife filed a Suit in O.S.No.5024/1992 on the file of VII Assistant City Civil Judge, Chennai against the Debtor and another person Thiru Venkataramanan. THE said Suit was decreed on 27.9.1995. Even after the said decree, the Debtor and the other Judgment Debtor did not pay the decree amount, resulting in the Petitioning Creditor filed a Petition in I.N.No.75/2001 before this Court for issue of Insolvency Notice to the Debtor. In spite of such service of Insolvency Notice, the Debtor failed to comply with the notice by making payments nor has he made any Application to set aside the said Insolvency Notice. Hence, the Debtor has committed an act of insolvency. THE amount due and payable by the Debtor as per the Notice was Rs.1,81,795.90 and at the time of filing of this Petition it was Rs.1,86,355.90. THErefore the Petitioning Creditor has filed this Petition praying for adjudication of the Debtor as insolvent.

(3.) THE Petitioning Creditor herein examined himself as P.W.1 and marked Exs.P1 to P7. THE Debtor examined himself as R.W.1 and marked Exs.R1 and R2.