NCLAT okays ArcelorMittal resolution plan for Odisha Slurry Pipeline Infra

Tribunal dismissing a raft of appeals including those filed by SREI entities

The National Company Law Appellate Tribunal (NCLAT) has approved ArcelorMittal's resolution plan for Odisha Slurry Pipeline Infrastructure (OSPIL) dismissing a raft of appeals including those filed by SREI entities.

OSPIL owns and operates a 253-km slurry pipeline – a critical ancillary unit of Essar Steel, now ArcelorMittal Nippon Steel India (AM/NS India). Early December 2019, ArcelorMittal India Private Ltd's (AMIPL) resolution plan for OSPIL under the insolvency law was approved by the Committee of Creditors (CoC) and by the National Company Law Tribunal (NCLT) Cuttack bench in March 2020.

However, the plan was challenged in NCLAT by SREI Infrastructure Finance