Rajeswara Rao Vittanala, Member - (1.) The present company petition bearing CP No. CP (IB) No. 104/9/HDB/2017 is filed by Syed Sadiq Hussain, Petitioner/Operational Creditor, U/s. 9 of IBC 2016 R/w. Rule 6 of I & B.(Application to Adjudicating Authority) Rules, 2016 by seeking to initiate Corporate Insolvency Resolution Process, against M/S. Aliens Developers (P) Ltd., under the Provisions of IBC 2016.
(2.) The brief facts, as mentioned in the Company petition, which are relevant to the issue in question, are as follows: 1) It is stated that that operational Creditor Purchased a flat No. 1763 sq. ft. station-11, on 17th floor of the complex by name Space staton-1 for a total a sale consideration of Rs. 50,17,507/- vide agreement of sale dated 29.10.2009, and paid token advance of Rs. 7,50,000/- at the time, of agreement, and further paid a sum of Rs. 17,50,000/totaling Rs. 25,00,000/- The flat has to be handed over on or before 30.06.2012 with a grace period of six months, which they have failed to do so. Accordingly, the petitioner has filed Complaint case No. CC/13/2014 on the file of State Consumer Dispute Redressal Commission of Telangana, Hyderabad. And the same was allowed by an order dated 16.02.2016 by directing the Corporate Debtor/opposite parties to pay an amount of Rs. 25,00,000/- + interest @ 12% simple from date of respective payments till realization, together with costs of Rs. 6,000/- and granted 4 weeks time to comply with the order. The Corporate Debtor failed to comply with this order though it became final and total amount due is Rs. 44.81.000/- as on 15.3.2016. The appeal filed against was dismissed as withdrawn and thus it became final. 2) Accordingly, the petitioner has issued demand notice dated 12.05.17 along with invoice/judgment copy in the form of Form No. 3 & 4 as contemplated under code by demanding to pay above amount. However, there was no reply from the corporate debtor. 3) It is stated that the corporate debtor, without construction, have sold hundreds of flats to several purchasers, and they are continuing the same even today, thereby causing mischief on public which is nothing but contrary to public interest/policy, and spirit of Companies Act. 4) In the above circumstances, the petitioner has filed the present petition by seeking action to initiate under IBC, 2016.
(3.) I have heard Sri V. Appa Rao, for the petitioner and Sri P. Raja Sripathi Rao, learned counsel for the respondent, and have also carefully gone through the pleadings of both the parties.;