JAGADISAN, J. :- This is a creditors petition for adjudicating the respondent-debtor as an insolvent under the provisions of the Presidency Towns Insolvency Act. It is alleged in the petition, that the respondent, who will hereinafter be referred to as the debtor, executed two promissory notes in favour of one RM. Shunmugham of Athikkadu Thekkur, Bamanathapuram Dt. and borrowed two sums of money, Rs. 5000 and Rs. 7500. The first promissory note for Rs. 5000 is dated 6-9-1960 and the second promissory note for Rs. 7500 is dated 5-7-1960. The petitioner, who will hereafter be referred as the petitioning creditor, claims to be the assignee of these two promissory notes from RM. Shanmugham for valid consideration. The act of insolvency relied upon by the petitioning creditor is that the property of the debtor remained under attachment in execution of a money decree for 21 days prior to the filing of this petition. Though the petition contains allegations of other acts of insolvency said to have been committed by the debtor, the petitioning creditor is unable to substantiate them. The debtor resists the application on the ground that there is no debt due and owing by him to the