# In the matter of EBPL Ventures Pvt. Ltd. vs. Sarguja Rail Corridor Pvt. Ltd.

> NCLAT judgment dated 2025-08-01. Citation: TCN-2025-NCLAT-00428. EBPL Ventures Pvt Ltd filed an appeal against the order dated 23.08.2022 passed by the…

- **Court:** NCLAT
- **Order date:** 1 Aug 2025
- **Citation:** TCN-2025-NCLAT-00428
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ebpl-ventures-pvt-ltd-vs-sarguja-rail-corridor-pvt-ltd-6d5cccef

## Summary

### Background

EBPL Ventures Pvt Ltd filed an appeal against the order dated 23.08.2022 passed by the National Company Law Tribunal, Ahmedabad Bench in CP(IB)No.11/AHM/2021, which dismissed their application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Sarguja Rail Corridor Pvt Ltd.

## Facts

Sarguja Rail Corridor Pvt. Ltd. (SRCPL) was contracted to build a railway line on behalf of South East Central Railway Zone (SECR).

SRCPL awarded separate contracts to Gannon Dunkerley and Company Limited (GDCL) and M/s Vijay Nirman Company Private Limited (VNCPL).

EBPL Ventures Pvt Ltd was a sub-contractor to GDCL and VNCPL.

SRCPL issued Letters of Intent (LOI) to GDCL and VNCPL for execution of work.

Disputes arose between EBPL and the contractors GDCL and VNCPL, stalling the project.

EBPL filed an application under Section 9 of the IBC before the NCLT, alleging non-payment.

The Ld. NCLT dismissed the application under Section 9 of IBC, 2016.

SRCPL stepped in as a facilitator to settle the dispute between EBPL and GDCL/VNCPL.

…

## Issues and analysis

### Issue 1: Whether the respondent can be treated as a debtor to the applicant on the basis of the Minutes of …

**Ratio:** The minutes of the meeting do not explicitly state who is responsible for making the

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**Reasoning:** The minutes of the meeting record that EBPL has submitted an Indemnity Bond and the

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**Interpretation:** The minutes of the meeting do not create a direct obligation on the respondent

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**Application:** The tribunal held that the respondent cannot be treated as a debtor to the

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## Parties

- **Judges:** Yogesh K…; Ajai Das Me…
- **Appellants:** EBPL Ventures Pvt…
- **Respondents:** Sarguja Rail…
- **Advocates:** Mr Gaurav…; Mr Ankeet…; +8 more

## Timeline

- **2022-08-23 — Order by…**: The Ld. NCLT dismissed the…
- **2018-04-09 — Minutes of…**: Minutes of meeting held…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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