Rajeswara Rao Vittanala, Member - (1.) The Company Petition bearing No.CP(IB)/208/09/HDB/2017 is filed by Mr. Kadiri Narasimha Reddy and Mrs. Radha Chappidi under Section9 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.
(2.) Brief facts, leading to the filing present petition, are as follows: (a) The Petitioner (Operational Creditor) purchased a residential flat No. 942, Station-7 on the 9th Floor, situated at Aliens Space Station at Tellapur Village from the Respondent (Corporate Debtor) in the year 2011 for a total consideration of Rs. 46,10,875/- out of which Rs. 8.8 lakhs was paid as earnest money and the balance money is to be paid in accordance with the payment plan as per the agreement of sale dated 08.09.2011, entered into with Alien Developers / Corporate Debtor. When the Respondent failed to construct the flat and hand it over as per the said agreement, the Petitioners have filed CC No.202/2005 before the State Consumer Disputes Redressal Commission , by claiming to return the amount paid to the Respondent. The State Consumer Disputes Redressal Commission; vide order dated 08.03.2017, allowed the said CC by directing opposite parties (Respondent herein) to pay the amount of Rs. 22,00,000/- with interest @ 12% p.a. from the date of last payment till actual payment and a sum of Rs. 1,00,000/- towards compensation together with the cost of Rs. 5000/- by granting 04 weeks time to pay /comply. (b) When the Corporate Debtor failed to pay the amount as directed by the said State Consumer Disputes Redressal Commission!.., the Operational Creditor got issued notice dated 18.06.2017 in Form No.3 under clause 5(1) (a) of I & B Rules, 2016, by demanding to pay the outstanding amount of Rs.38,90,000/- However, the Respondents /Corporate Debtor failed to pay the demanded amount and did not reply to the demand notice. Hence, the present CP is filed by seeking to initiate CIRP against the Corporate Debtor.
(3.) The case was listed on various dates for admissions viz. 06.09.2017, 3.10.2017 and today.;