JUDGMENT:

This appeal is filed under Section 75 (1) of Provincial Insolvency Act r/w Section 100 of C.P.C against the Decree and Judgment Dt. 22.12.2022 passed in A.S No. 5 of 2022 on the file of the court of III Addl. District Judge, Rajampet.

2. The appellant herein/ petitioner in I.P filed I.P.No.1 of 2013 on the file of Principal Senior Civil Judge, Rajampet under Sections 9 and 13(2) of Provincial Insolvency Act seeking the relief to declare the 2nd respondent herein/ 1st respondent in I.P. as insolvent and set aside the registered sale deed dated 04.06.2012 executed by the 2nd respondent herein in favour of the 1st respondent herein/ the 2nd respondent in I.P. and to vest the B schedule property with the official receiver for sale and discharge the debt under the promissory note to the petitioner. Hereafter, the parties are referred as before the trial Court.

3. The brief averments in the petition are as follows:

It is the case of the petitioner that the 1st respondent borrowed a sum of Rs.2,00,000/- (Rupees two lakhs) from the petitioner to meet his legal necessities and executed a demand promissory note on the even date i.e., on 21.11.2009 agreeing to repay the same with subseq