The National Company Law Appellate Tribunal has approved the Resolution Plan submitted by ArcelorMittal India Private Limited for the corporate insolvency resolution process of Odisha Slurry Pipeline Infrastructure Limited. A bench comprising HMJ Jarat Kumar Jain and Kanthi Narahariof the National Company Law Appellate Tribunal New Delhi dismissed the various appeals challenging the approval of the Resolution Plan filed by ArcelorMittal for the corporate insolvency resolution process of Odisha Slurry Pipeline Infrastructure Limited. In the appeal filed by SIFL, the NCLAT said “Having held that the plan approved by the CoC by a vote of 100 per cent in its meeting and approved by the Adjudicating Authority, in toto, we do not find any infirmity or illegality in the order passed by the Adjudicating Authority approving the Resolution Plan.”ArcelorMittal India Private Ltd's resolution plan for Odisha Slurry Pipeline Infrastructure Limited under the insolvency law was approved by the Committee of Creditors in December 2019 and by the National Company Law Tribunal Cuttack bench in March 2020.Senior Advocates Harish N Salve and Neeraj Kishan Kaul appeared and argued on behalf of ArcelorMittal Group. The ArcelorMittal Group was advised and represented by a legal team comprising Ruby Singh Ahuja, Vishal Gehrana, Ashutosh Shukla and Varun Khanna from Karanjawala & Company, Sudhir Sharma and Naman Bagga from L&L Partners and Ashim Sood, Advocate. Odisha Slurry Pipeline Infrastructure Limited owns and operates a 253-km slurry pipeline, a critical ancillary unit. The slurry pipeline was leased to Essar and the user charges captured in the right to use agreement. The pipeline connects AM/NS India iron ore beneficiation plant in Dabuna with the 12 million tonne pellet plant in Paradip.
The National Company Law Appellate Tribunal has approved the Resolution Plan submitted by ArcelorMittal India Private Limited for the corporate insolvency resolution process of Odisha Slurry Pipeline Infrastructure Limited. A bench comprising HMJ Jarat Kumar Jain and Kanthi Narahariof the National Company Law Appellate Tribunal New Delhi dismissed the various appeals challenging the approval of the Resolution Plan filed by ArcelorMittal for the corporate insolvency resolution process of Odisha Slurry Pipeline Infrastructure Limited. In the appeal filed by SIFL, the NCLAT said “Having held that the plan approved by the CoC by a vote of 100 per cent in its meeting and approved by the Adjudicating Authority, in toto, we do not find any infirmity or illegality in the order passed by the Adjudicating Authority approving the Resolution Plan.”ArcelorMittal India Private Ltd's resolution plan for Odisha Slurry Pipeline Infrastructure Limited under the insolvency law was approved by the Committee of Creditors in December 2019 and by the National Company Law Tribunal Cuttack bench in March 2020.Senior Advocates Harish N Salve and Neeraj Kishan Kaul appeared and argued on behalf of ArcelorMittal Group. The ArcelorMittal Group was advised and represented by a legal team comprising Ruby Singh Ahuja, Vishal Gehrana, Ashutosh Shukla and Varun Khanna from Karanjawala & Company, Sudhir Sharma and Naman Bagga from L&L Partners and Ashim Sood, Advocate. Odisha Slurry Pipeline Infrastructure Limited owns and operates a 253-km slurry pipeline, a critical ancillary unit. The slurry pipeline was leased to Essar and the user charges captured in the right to use agreement. The pipeline connects AM/NS India iron ore beneficiation plant in Dabuna with the 12 million tonne pellet plant in Paradip.
