HIRALAL Vs. FIRM SHRIRAM SURRAJBHAN GLASS BANGLE MERCHANTS

JUDGEMENT

(1.) THE Firm of Shri Ram Sooraj Bhan (creditors) presented an application against Gaya Prasad and Banshidhar son of Pancham Lal (debtors on 6-4-53 for their adjudication as insolvent under Section 9 of the Insolvency Act. In para No. 4 of the petition, the following acts of insolvency were stated to have been committed:

(2.) THE prayer was that the debtors be adjudged insolvent and the two transfers be set aside as being fraudulent transactions.

(3.) THE debtors in reply admitted that they owed the creditors (applicant Firm) Rs. 3000/-, that the mortgage for Rs. 27,500/- was without consideration and so also the release-deed. They stated their incapacity to pay their debts.