AWS Deployment NGINX Connection Refused for Node.JS Project

Have a Standard Node.JS Project. When Deployed on AWS, The Server is Running and initializing Properly But NGINX gives the Below Error

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/var/log/nginx/error.log
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2015/04/18 10:49:56 [error] 4445#0: *6 connect() failed (111: Connection refused) while connecting to upstream, client: XXX.XX.XX.XX, server: , request: "GET / HTTP/1.1", upstream: "http://127.0.0.1:8081/", host: "stagingmyproj.elasticbeanstalk.com"
2015/04/18 10:49:56 [error] 4445#0: *6 connect() failed (111: Connection refused) while connecting to upstream, client: XXX.XX.XX.XX, server: , request: "GET /favicon.ico HTTP/1.1", upstream: "http://ift.tt/1CwJ3CA", host: "stagingmyproj.elasticbeanstalk.com"
2015/04/18 10:50:05 [error] 4445#0: *6 connect() failed (111: Connection refused) while connecting to upstream, client: XXX.XX.XX.XX, server: , request: "GET /vendor/login HTTP/1.1", upstream: "http://ift.tt/1bcGef3", host: "stagingmyproj.elasticbeanstalk.com"
2015/04/18 10:50:06 [error] 4445#0: *6 connect() failed (111: Connection refused) while connecting to upstream, client: XXX.XX.XX.XX, server: , request: "GET /favicon.ico HTTP/1.1", upstream: "http://ift.tt/1CwJ3CA", host: "stagingmyproj.elasticbeanstalk.com"
2015/04/18 10:50:28 [error] 4445#0: *6 connect() failed (111: Connection refused) while connecting to upstream, client: XXX.XX.XX.XX, server: , request: "GET / HTTP/1.1", upstream: "http://127.0.0.1:8081/", host: "stagingmyproj.elasticbeanstalk.com"
2015/04/18 10:50:28 [error] 4445#0: *6 connect() failed (111: Connection refused) while connecting to upstream, client: XXX.XX.XX.XX, server: , request: "GET /favicon.ico HTTP/1.1", upstream: "http://ift.tt/1CwJ3CA", host: "stagingmyproj.elasticbeanstalk.com"

I am not a Dev Ops Person, But I don't have any clue about NGinx. What's the best possible solution out of here?

Cheers and Thanks in Advance.