THE HON’BLE SRI JUSTICE L.NARASIMHA REDDY C.M.A.No.548 of 1999 JUDGMENT: This Civil Miscellaneous Appeal is filed under Section 75 of the Provincial Insolvency Act, 1920, against the order, dated 07.12.1998, passed by the Court of Senior Civil Judge, Vizianagaram, in I.P.No.1 of 1995. The appellant filed the I.P., against respondents 1 to 19, to declare him as insolvent. He pleaded that he established and ran a wholesale cloth business, in the name of “Prasad Enterprises”, and he purchased cloth on credit from some of the respondents. It was also pleaded that he borrowed amounts, in the course of his business, from other respondents. According to him, he incurred huge losses in the business and the value of the assets, owned by him, is far below the liabilities, towards the respondents. Respondents 1 to 5 and 17 remained ex parte and the principal opposition to the I.P., was by respondents 6 to 8. They denied the allegations of the appellant, and stated that he acquired various items of movable and immovable properties with the profits earned in the business and that the I.P. is filed, only with a view to screen the properties and to avoid the liabilities. The trial Court dismissed the I.A., on finding that the appellant did not prove his case. Heard Sri Venkateswara Rao, learned counsel for the appellant, and Sri K.Ramanuja Chary, learned counsel for the contesting respondents. The decree passed in I.P. would have the effect of wiping away the liabilities of an insolvent, to a large extent. Therefore, the petitioner, in a matter of this nature, is under obligation to prove the facts pleaded by him, to the satisfaction of the Court. In the instant case, the only evidence adduced by the appellant is that of himself. Neither any individual was examined as a witness to support his case, nor any documentary evidence was adduced. On his own showing, the appellant has conducted wholesale cloth business. The activity of such a nature requires maintenance of records and accounts, and filing of returns before the authorities of the sales tax and income tax departments etc. Not a scrap of paper is placed before this Court. The self-serving statement of the appellant cannot constitute the basis to declare him as insolvent. The trial Court has taken correct view of the matter. This Court is not inclined to differ with the same. The C.M.A. is accordingly dismissed. There shall be no order as to costs. ______________________ L.NARASIMHA REDDY, J Dated:22.07.2010 GJ