B VENKATA NAGARAJU Vs. P RAMANADU

JUDGEMENT

(1.) This C.M.S.A. under Section 75 of the Provincial Insolvency Act, 1920 (for short 'the Act') is filed by the petitioner in I.P. No.5 of 1992, on the file of the Subordinate Judge, Nandyal, against the judgment in A.S. No.l 1 of 2003 of the Court of in Additional District Judge, Kurnool, at Nandyal, dated 28-8-2003.

(2.) The appellant filed the above I.P. under the provisions of the Act, to declare him as insolvent. According to him, the assets possessed by him are not sufficient to discharge the debts, which he owes to as many as 40, creditors who were impleaded as respondents in the I.P.

(3.) Appellant examined himself as P.W.I and during the course of his cross- examination, certain documents were marked suggesting that he held some items of property. At that stage, his Counsel represented to the Trial Court that he does not intend to press the I.P. The same was not acted upon. Thereafter, appellant filed a memo reporting to the Court that he does not intend to press the I.P. The Trial Court passed a detailed order dated 22-7-1997 refusing to accede to the request of the appellant. The trial Court also observed that in case, the appellant is not willing to prosecute the matter, it shall be open to the contesting respondents to get themselves transposed as petitioners and to prosecute the matter.