JUDGMENT - CHAGLA, C. J.:

This appeal arises two questions, one which is very simple to decide and the other of some importance. The Appellant was adjudicated insolvent on a petition presented on the 28th of November, 1957 by the Respondent basing the Petition on a debt of Rs. 3251.75 np and urging as the ground of in solvency that the property of the Appellant had been sold in execution of a decree; and the first question that was considered by the learned Judge below was whether there was a subsisting debt on which the Petition could be founded and the question that arose for consideration was whether a certain document constituted an acknowledgment within the meaning of the Limitation Act or an acknowledgment within the meaning of Art. 1 of Schedule 1 of the Stamp Act. On the decision of this question depended whether there was a subsisting debt or not. Now, the document is a statement of account and it sets out the balance due to one Pramodchandra Chimanlal Mody, the Respondent, from the firm of C. Jivanlal and Co. in which the Appellant was a partner There was an account of the Respondent in the books of the firm and the statement corresponds to the balance that appeared to the

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