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RUPCHAND BILARAM
In Re: Shaw Wallact And Co Anr – Appellant
Versus
. – Respondent
JUDGMENT
Rupchand Bilaram, A J C - This is an application by two petitioning creditors to adjudicate the firm of Hiralal Shivnarain as insolvents. It is stated in the petition that the firm inter alia consisted of one Brijlal Mansharam as its partner and carried on business at Karachi and elsewhere.
2. The right of the petitioning creditors to present the petition has not been seriously contested. Messrs. Shaw Wallace and Co., one of the petitioning creditors have a secured claim extending to over a lac of rupees which has merged into an award made rule of the Court. The balance of the amount due to them after deducting the estimated value of their security is several thousands of rupees far in excess of the minimum of Rs. 500 prescribed by the Act to found the petition. The acts of insolvency complained of are more or less admitted by Brijlal the principal person concerned in the carrying on the business of the firm. He admits having left Karachi shortly before the petition though he explains that, it was for the purpose of arranging for funds to pay off his pressing creditors, and further admits that during his absence, the manager for the time being closed the business and put up
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