JUDGMENT

Civil Miscellaneous Second Appeal is filed against the judgment and decree dated 12.06.2019 in C.M.A.No.11 of 2018 on the file of the Principal District Court, Namakkal, reversing the fair and decretal order dated 09.07.2018 in I.P.No.54 of 2007 on the file of the Principal Subordinate Court, Namakkal.

2. The first respondent herein (creditor) has filed I.P.No.54 of 2007 under Sections 6 and 9 of the Provincial Insolvency Act to adjudge the second respondent herein as an insolvent, stating as follows:

The second respondent herein borrowed Rs.1,40,000/- on 12.11.2005 from the first respondent-creditor, for his family expenses, urgent need and for his business and executed a Promissory Note agreeing to repay the amount with interest @ 18% per annum. Inspite of repeated demands, the second respondent herein had not repaid any amount either towards interest or principal amount. The second respondent, with a view to delay and defeat his creditors, including the first respondent herein, sold his only property that belongs to him to the appellant herein on 28.09.2007 for Rs.75,000/-, but the fact remains that the property is more worthy. The second respondent herein had under-valu