# In the matter of EPC Constructions India Limited IA 86,269,375 & 482-2022 in CP(IB)-1832-MB-2017

> NCLT judgment dated 2022-03-03. Citation: TCN-2022-NCLT-03910. The document contains orders related to multiple Interlocutory Applications (IAs) filed in a…

- **Court:** NCLT
- **Order date:** 3 Mar 2022
- **Citation:** TCN-2022-NCLT-03910
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/epc-constructions-india-limited-ia-86269375-482-2022-in-cpib-1832-mb-2017-cba8da81

## Summary

### Background

The document contains orders related to multiple Interlocutory Applications (IAs) filed in a corporate insolvency resolution process. IA-86/2022 was filed by the Liquidator seeking permission to invoke arbitration against Indian Oil Corporation Limited (IOCL) and Foster Wheeler regarding a lumpsum turkey contract. IA-375/2022 was filed by the Liquidator seeking permission to initiate proceedings against Matix Fertilizers and Chemicals Limited for outstanding redemption proceeds. IA-482/2022 was filed by the Liquidator seeking directions against the State of Gujarat for quashing a notice issued under the Bombay Land Revenue Code.

## Facts

The corporate debtor, EPC Constructions India Ltd., is undergoing liquidation. The Liquidator filed IA-86/2022 to invoke arbitration against IOCL and Foster Wheeler for a lumpsum turkey contract dated 28.02.2011, seeking to recover monies. The outstanding amount of Rs. 1005 Crores is considered an asset of the corporate debtor's liquidation estate. The Liquidator filed IA-375/2022 to initiate proceedings against Matix Fertilizers for default in payment of INR 310 Crores, the redemption amount of cumulative redeemable preference shares (CRPS) which matured on 26.08.2018. The liability arose from EPC contracts dated 29.07.2010 and 20.08.2010. Matix and the Corporate Debtor agreed to convert receivables to the tune of 250 Crores out of the total amount of INR 450 Crores

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## Issues and analysis

### Issue 1: Whether the Liquidator should be permitted to invoke arbitration proceedings against Indian Oil …

**Ratio:** The Liquidator, as the representative of the corporate debtor undergoing liquidation, has

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**Reasoning:** The court reasoned that the outstanding amount is an asset of the corporate debtor's

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**Interpretation:** Section 35(1)(k) of the Insolvency and Bankruptcy Code allows the liquidator to

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**Application:** The court applied the ratio to the facts by permitting the Liquidator to invoke

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## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Appellants:** Abhijit Guthatakur…
- **Respondents:** EPC Constructions…; Abhijit Guhathakur…

## Timeline

- **2011-02-28 — Lumpsum Turkey…**: Date of the lumpsum turkey contract executed for Pradip Refinery Project between the…
- **2010-07-29 — EPC Cont…**: Date of EPC Contracts between the Corporate Debtor and Matix Fertilizers and Chemicals…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(5) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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