Bikki Raveendra Babu, Member - (1.) Punjab National Bank, styling itself as 'Financial Creditor', filed this Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ["IB Code" for short] read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, ("IB Rules" for short) with a request to initiate Corporate Insolvency Resolution Process against ABXL Retails (I) Private Ltd., categorising it as 'Corporate Debtor'.
(2.) Applicant is a Bank constituted under the provisions of Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. This Application is signed by Senior Manager-Chief Manager of Punjab National Bank, Ahmedabad Branch on the basis of authority given to him vide Power of Attorney dated 30th May, 2002 and Authority Letter dated 23.8.2017.
(3.) Respondent is a Company registered under the provisions of Companies Act, 1956 having its Registered Office situate in Ahmedabad.;