- (1.) The present Company Petition bearing No. CP(IB) No.176/9/HDB/2017 is filed by Flight Raja Travels Private Limited (Petitioner/Operational Creditor) , under section 9 of Insolvency and Bankruptcy Code, 2016 r/w Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by seeking initiate Corporate Insolvency Resolution Process in respect of Air Costa Aviation Private Limited (Respondent/Corporate Debtor) .
(2.) Brief facts, as mentioned in the present company petition, are as follows: i. Flight Raja Travels Private Limited (Petitioner/Operational Creditor) was incorporated under the erstwhile Companies Act, 1956 (now Companies Act, 2013) and having its registered office at Magnolia, Block B, Level 4, Manyata Embassy, Business Park, Outer Ring Road, Nagawara, Bangalore-560045. The main objects of the company is briefly are: flights, bus, rail, hotels, holidays, etc. ii. Air Costa Aviation Private Limited (Respondent/Corporate Debtor) was incorporated on 26.04.2011 and the Nominal Share Capital is Rs.50,00,00,000/- and paid-up share capital is Rs.24,92,55,210/-. iii. It is stated that the Petitioner/Operational Creditor registered online as an agent of Corporate Debtor, and made an initial deposit in the form of rolling advance of Rs. 1,00,000/- with the Corporate Debtor, against the agent ID BLRLB0088, which was used for uploading the funds and utilizing the same for bookings. iv. It is stated that the Petitioner have been doing business with the Corporate Debtor, on such Agent Model and have successfully completed the booking targets for which they are entitled to receive a balance due amount of Rs.9,247,445.00 in their agent ID as on 20.03.2017. v. Further stated that the Corporate Debtor had suspended operations on 28.02.2017 until further notice due to financial difficulties regarding the lease of aircraft. vi. It is stated that the petitioner rendered services to the Corporate Debtor, to their complete satisfaction as per their requirements. In spite of availing the said services, the Corporate Debtor have failed to pay the sum total of Rs.1,48,00,319.00 to the Petitioner. The Petitioner had requested Corporate Debtor several times, both orally and in writing, to clear the outstanding amount of Rs.1,48,00,319.00 which is due to the Petitioner from Corporate Debtor, after the airline suspended operations. vii. In these circumstances, the Petitioner is entitled to recover total outstanding amount of Rs.1,48,00,319.00 from the Corporate Debtor as per the below details: a) Rs.9,247,445.00, which is the balance in our agent ID; b) Rs.1,016,103.00 as Q3 PLB receivable; c) Rs.7,65,069.00 as Q4 PLB receivable; d) Rs.3,04,957.00 as an amount which has not yet been credited to the agent ID; e) Rs.10,25,412.00 as an outstanding TDS amount; f) Rs.24,41,333.00 an un-flow amount. viii. In the above circumstances, the Operational Creditor issued the statutory demand notice dated 5th April, 2017 to the Corporate Debtor under the provisions of the Insolvency and Bankruptcy Code, 2016. In spite of the said demand notice, the Corporate Debtor failed to pay the dues of the Operational Creditor and did not respond to the said notice, ix. Since the Corporate Debtor failed to pay the outstanding amount, they filed this petition seeking CIRP.
(3.) The case was listed for admission on 31.08.2017, 07.09.2017, 11.09.2017, 15.09.2017, 21.09.2017, 27.09.2017, 10.10.2017, 23.10.2017, 27.10.2017, 03.11.2017 & 16.11.2017. The matter was adjourned on the above dates at the request of the parties.;