NCLAT approves resolution plan for Odisha Slurry Pipeline Infra

The National Company Law Appellate Tribunal (NCLAT) has approved the Resolution Plan submitted by ArcelorMittal for the corporate insolvency resolution process of Odisha Slurry Pipeline Infrastructure Limited.

Giving a major relief to the world's leading steel company, a Bench comprising HMJ Jarat Kumar Jain (Member Judicial) and Kanthi Narahari (Member Technical) of the National Company Law Appellate Tribunal, New Delhi on Tuesday 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.

Earlier, the Ld Adjudicating Authority, Cuttack on March 2, 2020, approved the resolution plan of ArcelorMittal India Private Limited pursuant to the unanimous approval by the Committee of creditors in respect thereof and rejected all the objections raised in this regard by the various stakeholders/creditors.

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.

SEE ALSO: This year’s defence budget may focus on building submarines, drones, warships and aircraft carriers
AGS Transact is a cash management firm looking to halve its debt with IPO money