Bikki Raveendra Babu, Member - (1.) Petitioners No. 1 to 3, through their authorised person 1st petitioner, filed this petition under section 7 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") read with Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") with a request to commence Corporate Insolvency Resolution Process in respect of Medilux Laboratories Pvt. Ltd.
(2.) It is the case of the petitioners that they have advanced money on payment of interest to the respondent/corporate debtor. According to the petitioners, the respondent corporate debtor acknowledged the amount of Rs. 18,18,793/-, Rs. 95,20,444/-and Rs. 1,97,256/- is due to petitioners No. 1, 2 & 3 respectively in the annual report for the financial year 2015-16 filed by the respondent with the Registrar of Companies.
(3.) It is also stated that first petitioner is power of attorney holder of petitioners No. 2 and 3. It is also stated that, petitioners No. 2 and 3 nominated the first petitioner for initiating legal proceedings against the respondent corporate debtor under the provisions of The Insolvency and Bankruptcy Code, 2016 vide annexure "F" at page No. 56 and 57 of the petition. It is stated by the petitioner that they issued letter dated 28.08.2017 calling upon the corporate debtor to repay the debt due to them. It is further stated that the respondent corporate debtor issued letter dated 10.09.2017 to petitioner financial creditor wherein liability of repayment is not denied but stated that the amounts given by the petitioners to the respondent company were in the form of capital contribution and be treated as quasi capital but not as debt and more so a financial debt. It is also brought on record that, petitioners No. 1, 2 and 3, through the first petitioner filed petition alleging oppression mismanagement before NCLT, Ahmedabad being CP No. 73 of 2017 against the respondent corporate debtor and it is pending for adjudication.;