ORDER :

This Insolvency Petition has been filed under Section 9(2), 10, 11, 12, 13 of the Presidency Towns Insolvency Act, seeking adjudication of the respondent as an Insolvent on the ground of his inability to pay a decreetal debt after having served notice of insolvency on the respondent. The attempt of the respondent to have the insolvency notice in I.N.No.9 of 2009 served on him on 13.03.2009, set aside failed, since the application for setting aside the insolvency notice in A.No.140 of 2009 came to be dismissed on 20.07.2009.

2. The facts leading to the filing of this Insolvency Petition are as follows:-

2.1. The predecessor in interest of the petioning creditor Sathrasala Venkatraman had laid a suit in CS.No.770 of 1997 for declaration that he is the owner of the property set out in the Schedule 'A' to the plaint, recovery of possession, injunction restraining the defendants from either demolishing the existing construction or putting up any further construction in the suit schedule property, for damages of Rs.15,00,000/-, for accounts and for return of articles or in the alternative for payment of Rs.1,00,000/- with interest at 12% p.a. The said suit came to be decreed exparte