1971 Supreme(Mad) 765
PALANISWAMY
P. V. Gandhi – Appellant
Versus
Gitanjali – Respondent
JUDGMENT :- Petition under Sections 9 (b) and 9 (d) (ii) and (iii) and 10 to 13 of the Presidency Towns Insolvency Act, 1909, to adjudge respondents 1 to 4 as insolvents. The 1st respondent Messrs. Gitanjali is a registered partnership, of which the partners were respondents 2 to 4. The petitioner claims to have advanced a sum of Rs. 5,000/- on a promissory note dated 8th June 1971 executed by the second respondent on behalf of the firm. It is alleged in the petition that on 7-8-1971 the debtors issued a cheque for Rs. 5,000/- towards the principal, that the cheque when presented, was returned dishonoured, and that the debtors failed and neglected to pay the amount. It is also alleged that on 7-8-1971 the debtors transferred the entire business in favour of the fifth respondent, who put up his name board at the place of business premises, that the transfer was fraudulent that in spite of the efforts taken to contact the second respondent at his residence and also at his other place of business in No. 3/39, Godown Street, he could not be traced, that the said business place of the second respondent was also locked and closed from 10-8-1971 and that the second respondent secluded him
Click Here to Read the rest of this document