- (1.) The Company Petition bearing No. CP(IB)/210709/HDB/2017 is filed by Mr. Udathu Kirshna Mohan and Mrs. Udathu Indumathi, under Section 9 of Insolvency and Bankruptcy Code, 2016, R/w Rule-6(1) of Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, by seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Aliens Developers (P) Ltd and 2 others.
(2.) Brief facts, leading to the filing present petition, are as follows: (a) The Petitioner (Operational Creditor) purchased a residential flat from Respondent (Corporate Debtor) in the year 2007 vide agreement of sale dated 09.08.2007 for reservation of flat No. A/SS/449, on 5th Floor comprising 2000 sq.ft for consideration of Rs.57,54,225/-and paid an amount of Rs.55,64,865/- out of agreed amount. However, the Corporate Debtor failed to construct the flat by due date, thereby Operational Creditor has filed CC No.11 of 2014 on the file of State Consumer Disputes Redressal Forum, Telangana. The Forum vide its order dated 16.02.2016, has directed the Corporate Debtor to pay back the amount of Rs. 55,64,865/-with interest @ 12% from the date of payments till its realization with a cost of Rs.6000/-and comply with the order within four weeks. (b) When the Corporate Debtor failed to pay the total debt of Rs. 1,17,26,865/-as directed by the Forum, the Operational Creditor got issued notice dated 11.05.2017 in Form No.3 by demanding to pay the debt within 10 days of receipt of the order. The Corporate Debtor failed to pay amount due so far and there is no appeal filed/ preferred against the State Consumer Forum order referred to above. Hence, this Company Petition.
(3.) The case was listed before the Bench on various dates for admissions viz. 06.09.2017, 03.10.2017 and today.;