Rajeswara Rao Vittanala, Member - (1.) The Company Petition bearing No. CP(IB)/209/09/HDB/2017 is filed by Mr. Shakeel Ahmed 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.
(2.) Brief facts, leading to the filing present petition, are as follows: (a) The Petitioner (Operational Creditor) purchased a residential flat No. 1844 on the 18th Floor of Station-7, situated at Aliens Space Station, Tellapur Village from Respondent (Corporate Debtor) in the year 2012 for a total consideration of Rs. 61,84,965/- out of which Rs. 19,40,000/- 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 01.12.2012, entered into with Alien Developers / Corporate Debtor. When the Respondent failed to construct the flat and handover it as per the said agreement, the Petitioners have filed CC No. 10/2015 before the State Consumer Disputes Redressal Commission, by claiming to return the amount paid to the Respondent. The said Commission vide common order dated 03.03.2017 allowed the said CC by directing opposite parties (Respondent herein) to pay the amount of Rs. 19,40,000/- 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 the cost of Rs. 5000/- by granting four weeks' time to comply. (b) When the Corporate Debtor failed to pay the amount as directed by the said Commission, the Operational Creditor got issued notice dated 22.04.2017 in Form No.3 under clause 5(1) (a) of I & B Rules, 2016, by demanding to pay the decreed amount of Rs.19,40,000/- with 12% w.e.f. 08.05.2013 plus compensation of Rs. 1,00,000/- plus cost of Rs. 5,000/-. However, the Corporate Debtor failed to pay total amount of Rs. 29,76,000/-. and did not reply to the demand notice. Hence, present CP is filed by seeking to initiate CIRP against the Corporate Debtor.
(3.) The case is listed on various dates for admissions viz. 06.09.2017, 3.10.2017 and today.;