(1.) The applicants 2 to 4 are said to have purchased land, under various registered deeds of sale and had thereafter, incorporated the 1st respondent company and subsequently constructed a hotel building in the name of the said 1st applicant in D.No.46/22/30 and 46/22/30(A), Assessment No.54528A covered by Block No.23, Sy.Nios.650, 651, 652 of Dondapathy Village, within the limits of Greater Visakhapatnam Municipal Corporation, Visakhapatnam.
(2.) After running the hotel for some time, the 1st respondent put up the hotel for sale and after mutual negotiations and necessary approvals from the general body, the said hotel was sold to the respondent herein, under a registered deed of sale dtd. 30/3/2012, for a sum of Rs.9.90 crores.
(3.) Apart from the sale of the immovable property, there were two more transaction between the parties. Under the first transaction, the immovable assets in the hotel were sold by the applicants to the respondent, for a sum of Rs.3.10 crores and there is no dispute that the entire amount of Rs.3.10 crores had been paid to the applicants. Apart from this, it appears a sister concern known as "Talasila Infra and Mobile Hotels" had also sold its immovable assets to the respondent herein, for a consideration of Rs.2.00 crores. However, only a sum of Rs.70.00 lakhs was paid and a sum of Rs.1.30 crores was retained as security deposit for the purposes which are described below.