Arkay Logistics Limited Vs Abhijit Guhathakurta (NCLAT Delhi)
NCLAT Delhi held that held that considering the text of Section 60(5)(c) of IBC liquidators can ask for the refund of the Performance Bank Guarantee (PBG) amount, which was given by the Corporate Debtor towards margin money for securing a PBG.
Facts- This Appeal has been filed challenging order dated 08.01.2024 passed by National Company Law Tribunal, Mumbai Bench filed by the Liquidator. By the impugned order, the Adjudicating Authority allowed the appeal and directed the Appellant to return an amount of Rs.18,10,00,000/- to the Corporate Debtor. Aggrieved by which order this Appeal has been filed.
Conclusion- Supreme Court in the case of Gujarat Urja Vikas Nigam had held that considering the text of Section 60(5)(c) and the interpretation of similar provisions in other insolvency related statutes, NCLT has jurisdiction adjudicate disputes, which arise solely from or which relate to the insolvency of the Corporate Debtor. However, in doing do, we issue a note of caution to the NCLT and NCLAT to ensure that they do not usurp the legitimate jurisdiction of other courts, tribunals and fora when the dispute is one which does not arise solely from or relate to the insolvency of the Corporate Debtor. The nexus with the insolvency of the Corporate Debtor must exist.
