G. JAYACHANDRAN, J.

1. "Truth is stranger than fiction, but it is because fiction is obliged to stick to possibilities; Truth Isn't"- wrote Mark Twain in his Travel Book titled "Following the Equator: A Journey Around the World."

2. We get a taste of his Wisdom while dealing this case besides reminding this Court, the Fiction, "Not a Penny More; Not a Penny Less," authored by Jeffrey Archer. This Court also wonders whether the ghost of "Sir George Arbuthnot" haunts the corridors of this Court after a Century.

3. Arjunlal Sunderdas, the main character in this case, is now dead and gone to the grave with a tag of insolvent. While he was alive, he and his brother S.Manohar Lal @ S.M.Lal were in trade of Sea Food and Real Estate. "International Sea Foods Private Limited" having its registered office at Hyderabad was floated by Arjunlal Sunderdas and S.Manohar Lal, withholding of 71.20% and 28.80% shares respectively. The main object of the said Company was to carry on business of Trawling, Procurement, Processing, Freezing, Marketing of meat of lobster of other sea products. The said Company was incorporated under the Companies Act, 1956 on 12th day of May 1977. Another Company by name " Sunil Anand and Company Private Limited" having its registered office at Chennai, State of Tamil Nadu was floated by this duo with main object to carry on business of Real Estate, Constructions, advance money, to lend and to receive money on deposit or loan at interest. This Company was incorporated under the Companies Act, 1956 on 25th September 1981. In this Company, Arjunlal Sunderdas and S.Manoharlal were holding 75% and 25% shares respectively. The records produced indicate that both the Companies were active and performing at least on paper till two years before I.P. No. 25 of 2014 filed by Tmt.Chitra Desai.

4. When Tmt.Chitra Desai filed a petition under Sections 9 d (iii)(g) and 10 to 12 of the Presidency-Towns Insolvency Act, 1909 to adjudicate Arjunlal Sunderdas as insolvent and direct the administrative of estate in a regular manner, Arjunlal Sunderdas who was till then considered as man of wealth and credibility surprisingly made an admission that his liabilities are more than the assets and that he has no objection to adjudicate him as an insolvent. On his admission, Arjunlal Sunderdas was adjudicated as an insolvent by this Court on 21.04.2014. In the course of the insolvency proceedings, the Official Assignee has filed a report, dated 09.12.2015 before this Court, informing that as per the letter dated 01.07.2015 given by the insolvent, 91 creditors owe him money to a tune of Rs. 106,37,23,748/-, while 240 unsecured creditors has filed their claims to a total sum of Rs. 114,56,20,871/-. A Meeting of creditors was conducted on 13.10.2015. A Committee of Inspection consisting of certain creditors in the transaction was appointed by order of this Court, dated 18.12.2015. For quite some time, the insolvency petition was heard by learned Judges of this Court including My Brother Judge Justice C.V.Karthikeyan. On every hearing, new facts or allegations against each other were cropping up to the effect that the transactions of Arjunlal Sunderdas (insolvent) with others were not mere lending and repaying, but certain other murky dealings in violation of law had taken place. The persons, who can give the true details about the transactions, were not ready to disclose the truth. Therefore, the Court was unable to make any progress in determining the details from the insolvent. Therefore, by an order dated 02.03.2017 in A. No. 27 of 2016, this Court directed the Official Assignee to file a criminal complaint before the Superintendent of Police, Economic Offence Wing, Chennai regarding larger scale diversion of funds by the insolvent. Accordingly, a First Information Report in Cr. No. 6/2017 dated 10.04.2017 had been registered by the EOW II, under Sections 409 and 420 IPC against the insolvent Arjunlal Sunderdas.

5. Since the records disclos