Liquidator of EPC Constructions to initiate arbitration against IOCL

14 Mar 2022 CW Team

National Company Law Tribunal (NCLT) has permitted the liquidator of EPC Constructions India Limited to begin arbitration proceedings against Indian Oil Corporation Limited (IOCL) to recover around Rs 1,005 crore in dues, which relate to work that EPC Constructions had carried out for the Paradip refinery project under a turnkey contract in 2011.

The liquidator sought National Company Law Tribunal (NCLT), Mumbai approval before initiating the arbitration proceedings against IOCL.

Justice P N Deshmukh and a technical member, Shyam Babu Gautam, said that EPC is undergoing a liquidation process, the outstanding amount will be beneficial to the liquidation estate. The recovery of Rs 1,005 crore is an asset of EPC as it is a part of the liquidation estate and cannot be left out of the liquidation estate.

EPC has a liability of more than Rs 11,000 crore towards its creditors. NCLT had acknowledged the company for the liquidation process on 7 May 2021, after the lenders were unable to receive any viable revival plan.

Moreover, the tribunal has also allowed the liquidator to initiate proceedings against Matix Fertilizers and Chemicals Limited to recover nearly Rs 310 crore for some off-shore and on-shore contracts that EPC Constructions India had undertaken back in 2010.

Pooja Tidke, a senior partner at Parinam Law Associates, said that the liquidators must effectively pursue sustainable claims against the debtors to maximise their asset value and direct it as a going concern.

She added that liquidators face constraints in deploying resources to seek large litigations, but litigation financing can be helpful to remove any constraints.

Image Source

Also read: Indian Oil Corp to supply 12-13 fuel cargoes to Sri Lanka

Infrastructure Urban

29 Oct 2025

Designing Tomorrow: Amaravati’s Net Zero Landmark

Amaravati has achieved a defining landmark in India’s sustainable infrastructure journey with the inauguration of the APCRDA Project Office, the nation’s first government building to earn the IGBC Net Zero Energy Rating – Design Stage. Conceptualised by the Andhra Pradesh Capital Region Development Authority (APCRDA) and certified by the Indian Green Building Council (IGBC), the project exemplifies how governance, design and innovation can converge to deliver measurable environmental impact.A vision rooted in sustainabilitySet within a 4.3-acre site along the Seed Access Road in the Amar..

Pidilite Elevates Construction with PPS

Pidilite Industries introduced Pidilite Professional Solutions (PPS) — a dedicated vertical for the construction and interiors ecosystem — at ACETECH Bengaluru 2025. Designed to empower architects, developers, contractors, and interior specialists, PPS delivers comprehensive support that extends far beyond products to ensure project excellence from concept to completion. Kavinder Singh, Joint Managing Director, Pidilite Industries, noted, “At Pidilite, we believe in enabling the construction fraternity to build boldly and sustainably. With Pidilite Professional Solutions (PPS),..

Punjab, Centre Fast-Track Rajpura-Mohali Rail Line Development

The central government has fast-tracked the construction of the Rajpura-Mohali rail line to enhance connectivity in Punjab. This ambitious infrastructure project, aimed at improving transportation links between Rajpura and Mohali, has been identified as a key step in fostering regional economic growth. Union Minister for Railways, Ashwini Vaishnaw, announced the project’s acceleration during a recent assessment of the area. The rail line is expected to play a significant role in reducing travel time, promoting industrial growth, and boosting logistics efficiency in the region. The project,..