M. Satyanarayana Murthy, J.—Respondent Nos.2 and 3 in I.P.No.26 of 2004 on the file of I Additional Senior Civil Judge, Guntur preferred this appeal questioning the judgment and decree in A.S.No.16 of 2009 passed by II Additional District Judge, Guntur, dated 29.04.2011.

2. For convenience of preference, the ranks given to the parties in I.P.No.26 of 2004 before I Additional Senior Civil Judge, Guntur will be adopted throughout the judgment.

3. The petitioner (first respondent herein) filed I.P.No.26 of 2004 under Section 9 of Provincial Insolvency Act, 1920 (for short, the Act) contending that the first respondent borrowed Rs.40,000/- on 17.10.2001, Rs.20,000/- on 24.10.2001 and Rs.10,000/- on 06.08.2002 from her, under three promissory notes executed on the even dates for his family and other necessities, agreeing to repay the same together with interest. Despite the demands made by the petitioner, the first respondent did not discharge the debt and on the other hand, the first respondent offered to sell the only property he own and possessed and thereupon, the second respondent issued a paper publication from the public calling objections, if any, from the public. Immedi