G.M.LODHA,J. - (1.) THIS is an appeal against the judgment dismissing the insolvency petition. The learned Additional District Judge, Sirohi held that the respondent committed an act of insolvency inasmuch as he transferred all his immovable properties in favour of his wife and sons on 13th June, 1972 and got a gift deed registered on 15th June, 1972. It was also held that the debt was more than Rs. 500/ - but since it was not a liquidated sum, the insolvency petition could not be entertained.
(2.) AGAINST the above judgment, the applicant -appellant has filed the present appeal. Before I proceed to consider the rival contentions of learned counsel for the parties, it may be mentioned that the insolvency petition was filed under Section 7 of the Provincial Insolvency Act. It was alleged that Bhikam Chand and Pukhraj should be declared insolvent as they have committed several acts of insolvency. Bhikam Chand and Pukhraj were carrying on business in the name of Pukhraj and Bhikam Chand. The applicants' allegation is that an amount of Rs. 37,225.43 p. was due towards the respondent but the respondent have gifted their entire property and arc not paying the said amount.
(3.) THE case of the non -applicants -respondents was that though they were dealing with the applicant but the applicant has failed to furnish the accounts and, therefore, unless the accounts are finalised it is not possible to ascertain the exact amount.;