BODDETI RAMESWARAM Vs. POLAMARASETTI TRIMURTHULU

JUDGEMENT

(1.) The revision is filed against the judgment dated 29.12.2004 in AS No. 183 of 2003 on the file of the III Additional District Judge (Fast Track Court), Bhimavaram, whereunder the application to declare the respondent as insolvent was dismissed and the appeal also confirmed the said order.

(2.) Originally Insolvency Petition was filed in IP No.2 of 2001 by the petitioners herein, who are the creditors to declare that the 1st respondent has borrowed several amounts from the petitioners and the respondents 2 to 4 are the wife and children of the 1st respondent and the 1st respondent borrowed the money for the benefit of the family and with a dishonest intention and with an ulterior motive to defeat or delay the genuine creditors, alienated the schedule property in favour of the 5th respondent.

(3.) The respondents 2 and 3 denied the allegations. THE 5th respondent filed a counter contending that the alleged borrowing from the petitioners is not true and he has purchased the property for valuable consideration and for the discharge of the debts due by the 1st respondent and, therefore, the petition is liable to be dismissed.