Bikki Raveendra Babu, Member - (1.) R.B. Synthetics and Radhakishan Bhagwandas Ruchandani (HUF) , claiming as 'Financial Creditors', filed this Petition under Section 7 of the Insolvency and Bankruptcy Code read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking Corporate Insolvency Resolution Process in respect of Bee Ceelene Textile Mills Pvt.Ltd., styling it as 'Corporate Debtor'.
(2.) It is stated in the Petition that Radhakishan Bhagwandas Ruchandani is Proprietor of R.B. Synthetics. It is also stated in the Petition that Radhakishan Bhagwandas Ruchandani is the Karta of HUF. Further, it is the case of the Petitioners that an amount of Rs. 13,49,289.96 ps. is due to R.B. Synthetics from the Respondent and an amount of Rs. 20,35,998.45 ps. is due to Radhakishan Bhagwandas Ruchandani (HUF) from the Respondent. In the first instance, in support of the Petition, Petitioners filed Audited Financial Statement as on 31.3.2012 and Certificate of the Banker. Thereafter, Petitioners filed Additional Affidavit with certain documents, i.e., Audited Accounts of Respondent Company for the years 2006 to 2011, Ledger Copies in the books of R.B. Synthetics and in the books of Radhakishan Bhagwandas Ruchandani (HUF) . Petitioners also filed copy of the order of the NCLT, Ahmedabad Bench in CP No. 46/2012 (Old) TP No.26/2016 (New) .
(3.) Respondent having appeared through learned Company Secretary filed objections. The first and foremost objection raised by the Respondent is that Authorization Letter given by R.B. Synthetics and HUF of Radhakishan Bhagwandas Ruchandani is not filed and therefore the Petition is not filed by the proper and authorized person.;