MUMBAI BENCH, COURT II C.P.(IB) No. 1832/IBC /MB/MAH /2017 Application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016.

In the matter of Mr. Abhijit Guhathakurta Liquidator of EPC Construction (India) Ltd., …. Applicant V/s Arkay Logistics Limited …Respondent In the matter of:

IDBI Bank Ltd.

... Financial Creditor/Petitioner V/s EPC Constructions (India) Ltd.

…….Corporate Debtor /Respondent Order Pronounced on: - 08.01.2024 C.P.(IB) No. 1832/IBC/NCLT/MB/MAH /2017 Coram :

Anil Raj Chellan Kuldip Kumar Kareer Member (Technical) Member (Judicial)

For the Liquidator/Applicant : Advocate Shriraj Khambete a/w Adv.

Naman Jain and Adv. Aditya Singh For the Respondent: Advocate Shyam Kapadia a/w Adv. Dhruva Ghandhi ORDER Per :- Anil Raj Chellan, Member Technical.

1. The present application is filed by Mr. Abhijit Guhathakurtha, Applicant/Liquidator of EPC Constructions (India) Limited (Corporate Debtor), under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 12 of the National Company Law Tribunal Rules, 2016, seeking necessary directions against Arkay Logistics Limited (Respondent) i.e. the respondent herein to pay an amount of INR. 18,10,00,000 (Rupees Eighteen Crores Ten Lakhs Only) to the Corporate Debtor. Case of the Applicant in brief :

C.P.(IB) No. 1832/IBC/NCLT/MB/MAH /2017

2. The above-mentioned Company Petition No. (IB)

No.1832/1BC/NCLT/MB/MAH/2017 was admitted by this Tribunal vide order dated 20.04.2018 and Mr. Abhijit Guhathakurta was appointed as the Interim Resolution Professional for the Corporate Debtor and later (subsequently) confirmed as the Resolution Professional for the Corporate Debtor. One of the two resolution plans received, was approved by the committee of creditors (Coc) and confirmed by this Tribunal on 25.11.2019. However, the successful resolution applicant failed to implement its plan. Inter alia, for the said reason, this Hon'ble Tribunal, vide order dated 7.05.2021 ("Liquidation Order") directed for the liquidation of the Corporate Debtor as a going concern, being made effective from 18.05.2021. Pursuant to the order, Mr. Abhijit Guhathakurta, the Applicant herein, was appointed as the Liquidator.

3. On 18.01.2017, vide Letter of Authorization No.

GIGL/PROC/2017/BJPL/JAPL/LOA/01, GSPL India Gasnet Limited (GIGL) awarded the Corporate Debtor a contract for Pipeline and Associated Works for Jalandhar-Amritsar Pipeline Project, for an C.P.(IB) No. 1832/IBC/NCLT/MB/MAH /2017 amount of INR 211,73,00,000 (Rupees Two Hundred Eleven Crores Seventy-Three Lakhs Only). Pursuant to the said contract, the Corporate Debtor had to submit a Performance Bank Guarantee (PBG), amounting to INR 21,17,00,000 (Rupees Twenty-One Crores Seventeen Lakhs Only), to GIGL. Owing to the liquidity problems at that time, the Corporate Debtor requested the Respondent to arrange for issuance of the required PBG from their existing line of credit with Axis Bank. Such an arrangement was agreed to, and Axis Bank at the request of respondent issued PBG No. 13940100006735, on 02.03.2017 for of INR (Rupees Twenty-One Crores Seventeen Lakhs Only), to GIGL after marking a lien on the Respondent's fixed deposits.

4. The Corporate Debtor deposited sums, to the tune of INR 6,00,00,00 (Rupees Six Crores only) on 01.03.2017 and INR 60,00,000 (Rupees Sixty Lakhs Only) on 02.03.2017. It was assured by the Corporate Debtor that the balance amount of INR 14,57,00,000 (Rupees Fourteen Crores Fifty-Seven Lakhs Only) would be paid in due course of time. Since the Corporate Debtor was facing liquidity problems, (vide letter dated 18.04.2017), it requested the Respondent for a short-term advance of INR 3,00,00,000 (Rupees Three Crores Only).

C.P.(IB) No. 1832/IBC/NCLT/MB/MAH /2017 Subsequently, the Corporate Debtor deposited amounts of INR 12,00,00,000 (Rupees Twelve Crores only), INR 50,00,000 (Rupees Fifty Lakhs Only) and INR 2,00,00,000 (Rupees Two Crores Only) on 05.01.2018, 09.01.2018 and 18.01.2018, respectively, with