ORDER

The issue that arises for consideration in this application filed by the Official Assignee under Section 55 of the Presidency Town Insolvency Act, 1909 (Hereinafter referred to as "1909 Act") is whether the sale deed dated 18.08.2011 executed by the respondent Nos.1 and 2 (Insolvents) in favour of the respondent Nos.3 and 4 (purchasers) has been executed in "good faith" and "for valuable sale consideration".

2. The debtor petition in I.P.No.14 of 2012 was filed by the respondent Nos.1 and 2 on 14.02.2012 to declare themselves as insolvents. They were adjudicated as insolvents by this Court on their petition vide order dated 16.02.2012 and thereafter, they had filed their statements on

12.06.2012.

3. According to the Official Assignee, the respondent Nos.1 and 2 (Insolvents) had disclosed in their statements to the Official Assignee that a residential property situated at No.4, Srinivas Apartments, Ground Floor, Sathulla Street, T.Nagar, Chennai (Hereinafter referred to as "Property") was sold by them in the year 2011 for a sum of Rs.40,00,000/- to the fourth respondent.

4. According to the Official Assignee, it was discovered, based on a valuation report, that the market value of