Rajeswara Rao Vittanala, Member - (1.) The present company petition bearing CP No. CP (IB) No. 95/9/HDB/2017 is filed by Zaheen Mahaey and another, Petitioner/Operational Creditors, 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: (a) It is stated that that operational Creditors has Purchased a flat bearing No. 1647 for a sale consideration of Rs. 56,76,031/- vide agreement of sale dated 12.05.2012 and paid an amount of Rs. 28,17,010/- and the balance shall be payable basing on the progress of construction and completion of flat by 30-09-2014. However, the corporate debtor failed to commence construction of flat and thus, they have filed CC No. 30 of 2015 on the file of Telangana State Consumer Dispute Redressal Commission of Telangana at Hyderabad. The same was allowed by an order dated 03-03-2017 by directing the Corporate Debtor to pay an amount of Rs. 28,17,010/- + interest @ 12% simple from date of last payment made besides compensation of Rs. 1,00,000/- and Costs of Rs. 5,000/- and granted 4 week's 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. 40,43,000/- as on 02-04-2017. (b) Accordingly, they have issued demand notice dated 28-04-2017 along with invoice/judgment copy in the form of Form No. 3 & 4 as contemplated under code by demanding to pay above amount. The Corporate debtor, instead of repaying debt, gave reply dated 01-05-2017 by stating that they were contemplating to challenge the order dated 03-03-2017 in superior forums. (c) 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. (d) It is stated that they have filed caveat petition in respect of Order dated 03-03-2017 passed in CC No. 30 of 2015 before National Consumer Disputes Redressal Commission, New Delhi. However, they have not received any notice so far about filing appeal before National Commission. So the order of Consumer forum in question became final and binding on the respondents. (e) 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.;