# In the matter of Arkay Logistics Limited vs. Abhijit Guhathakurta

> NCLAT judgment dated 2024-11-29. Citation: TCN-2024-NCLAT-00052. This case involves an appeal against an order dated 08.01.2024 passed by the National Company…

- **Court:** NCLAT
- **Order date:** 29 Nov 2024
- **Citation:** TCN-2024-NCLAT-00052
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/arkay-logistics-limited-vs-abhijit-guhathakurta-cda821bb

## Summary

### Background

This case involves an appeal against an order dated 08.01.2024 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, Court II in IA No.2777 of 2022. The NCLT allowed the application filed by the Liquidator and directed the Appellant, Arkay Logistics Limited, to return an amount of Rs.18,10,00,000/- to the Corporate Debtor, EPC Constructions (India) Ltd. The appeal challenges the jurisdiction of the NCLT to entertain the application for recovery of debt.

## Facts

EPC Construction (India) Ltd. (Corporate Debtor) was awarded a contract by GSPL India Gasnet Ltd. (GIGL) on 18.01.2017, requiring a Performance Bank Guarantee (PBG) of Rs.21,17,30,000/-. The Corporate Debtor requested Arkay Logistics Limited (Appellant) to arrange the PBG from their existing line of credit with Axis Bank. Axis Bank provided the PBG by marking a lien on the Appellant's fixed deposits (FDs). The Corporate Debtor paid Rs.6.60 crores in two tranches on 01.03.2017 and 02.03.2017, and later Rs.12.50 crores, towards the margin money. An amount of Rs.3 crores was also taken as an advance on 18.04.2017 by the Corporate Debtor from the Appellant. On 18.01.2018, the Corporate Debtor informed the Appellant that Rs.18.10 crores had been paid in lieu of the lien

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## Issues and analysis

### Issue 1: Whether the NCLT has jurisdiction to entertain an application for the recovery of debts, disputed …

**Ratio:** The NCLT has jurisdiction to adjudicate disputes that arise solely from or relate to the

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**Reasoning:** The Tribunal relied on the judgments of the Supreme Court in Embassy Property Development

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**Interpretation:** Section 60(5) of the IBC is interpreted to mean that the NCLT has jurisdiction

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**Application:** In this case, the Tribunal found that the dispute was directly related to the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Arkay Logistics…
- **Respondents:** EPC Constructions…; Abhijit Guhathakur…

## Timeline

- **2017-01-18 — Contract A…**: EPC Construction (India) Ltd. was awarded…
- **2017-02-08 — Request f…**: Corporate Debtor requested Arkay Logistics…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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