- (1.) This is a revision under Section 75(1) of the Provincial Insolvency Act.
(2.) The applicant filed an insolvency petition in the court of Insolvency Judge for adjudging the respondents as insolvents on the ground that the respondents did not pay a sum of Rs. 48,522/- which became due and also had committed various acts of insolvency including, making fictitious entries in their account.
(3.) The petition was presented on 28-7-1986 before notice could be issued on the petition, the respondents put in appearance and opposed the application for appointment of interim receiver. The said application was rejected on 12-8-1986 by the Insolvency Judge with the consent of the parties. The respondents also deposited in court fixed deposit receipts of Rs. 50,000/- in order to show that they possessed sufficient assets and money to pay off the debt of the applicant and did not commit any act of insolvency.;