India

Appellate Tribunal Okays ArcelorMittal’s Resolution Plan For Odisha Slurry Pipeline Infrastructure

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OB Bureau

New Delhi: In a relief to ArcelorMittal, the National Company Law Appellate Tribunal (NCLAT), here has approved the steel company’s Resolution Plan for corporate insolvency resolution process of Odisha Slurry Pipeline Infrastructure Limited.

According to company sources, a Bench of the tribunal comprising HMJ Jarat Kumar Jain (Member Judicial) and Kanthi Narahari (Member Technical) on Tuesday dismissed the appeals challenging the approval of the Resolution Plan by the Ld Adjudicating Authority, Cuttack.

The Ld Adjudicating Authority had given its approval to the resolution plan of the steel major on March 2, 2020 after the committee of creditors’ unanimous approval to the plan.

Senior Advocates Harish N Salve and Neeraj Kishan Kaul appeared on behalf of ArcelorMittal Group.

OB Bureau

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