RAMAPRASADA RAO J.

This appeal is directed against the judgment of Paul J., in Application No. 173 of 1973, in I.P. No. 39 of 1970. A petitioning creditor filed a petition in insolvency against his debtor, one P. Vasudevan, on the ground that the debtor committed acts of insolvency under sections 9(d)(ii) and 9(d)(iii) and 9(g) of the Presidency Towns Insolvency Act. This petition was presented on May 4, 1970. Prior to the presentation of this petition, to wit, on January 15, 1970, Vasudevan (the debtor) entered into an agreement with one Govindaswamy, the first respondent for the sale of his house and ground bearing plot No. 113, 12th Cross Street, Indra Nagar, for a sum of Rs. 83, 000 and in pursuance of that agreement, the first respondent, Govindaswamy, had paid Rs. 43, 000 and it was agreed that the balance should be paid after Vasudevan gets clearance from the State Housing Board with whom Vasudevan had a lease-cum-sale agreement entered into between him and the board in or about July 15, 1965. We shall presently refer to the terms of the said agreement. The insolvency petition filed as above by the petitioning creditor was heard and by an order dated March 23, 197