The first thing I see is that you are not passing the input XML into your BizComponent.

The BizComponent reference should include the xa:input attribute and look similar to:
<Element xa:bizcomp="myCompany/SBalajiXbc.xbc" xa:input="xa-input::" xa:remove="yes" />

This will pass the XML passed into the BizDocument into the BizComponent where it appears to be correctly referenced.

Try that as a first step and we'll go from there.

Also, please try not to cross-post... there appear to be two threads discussing this same content as Virginia mentioned in the other thread. Thanks.