INDERLAL AGARWALLA Vs. M B MEDHORA

JUDGEMENT

(1.) This is an appeal against the order of Mr. Justice Deb made on the 2nd August, 1971 in Insolvency Case No. 9 of 1970. The petitioner before Mr. Justice Deb, who is the appellant before us, applied for, inter alia, an adjudication order in respect of the estate of the respondent. The learned trial Judge has dismissed the application.

(2.) The facts briefly are that the appellant advanced a sum of Rs. 10,000 to the respondent on the 20th Aug., 1967 for the respondent's business with interest at the rate of 12% per annum until realisation and the respondent executed a promissory note. On the same day the respondent drew a cheque for Rs. 10,000 in favour of the appellant.

(3.) On the 19th Sept., 1967 and the 20th Sept., 1967, the respondent addressed two letters to the appellant requesting the appellant not to present the cheque for payment as he did not have sufficient credit in the bank.