Mishra, J.

Seven petitioning creditors have moved the insolvency petition under Secs.9(l)(d)(ii) and

(iii) and 9(g) of the Presidency Towns Insolvency Act, 1909 against M/s.P.B.Lakshmanan Sah & Bros., a partnership firm and the 8 partners of the firm, and learned single Judge of this Court has accepted their case of the alleged act of insolvency of the respondents under Sec.9(g) of the Act and has adjudged the firm and its two partners, viz. P.B.Kasi Sah and P.T.Hiru Sah, who are the appellants before us as insolvents.

2. Petitioning creditors, it is not in dispute, had dealings with the firm Messrs.P.B. Lakshmana Sah & Bros. It occurred as alleged by them that the firm and its partners were transferring their rights with intent to defeat or delay the creditors and in the beginning of 1982, they had almost closed their business and there were talks in trade circle that there were little good left in the shop and less business. By the end of 1982, when the respondents 3 and 4 were pressed for payment by some of the creditors at Kancheepuram, they expressed their inability to pay the debts and passed on a letter Ex.P-7, dated 29. 1982 agreeing to pay 25% of the arrears be