The National Company Law Appellate Tribunal (NCLAT) has cleared ArcelorMittal's resolution plan for Odisha Slurry Pipeline Infrastructure (OSPIL).
OSPIL owns and operates a 253 km slurry pipeline. The pipeline is an ancillary unit ArcelorMittal Nippon Steel India (earlier Essar Steel). The approval order of the resolution plan was passed by NCLAT on 18 January 2022.
The resolution plan was earlier approved by the Committee of Creditors (CoC) and by the National Company Law Tribunal (NCLT) Cuttack bench in March 2020. However, the same was challenged in NCLAT by SREI Infrastructure Finance as a financial creditor.
The NCLAT also dismissed an appeal filed by the Government of India, GST & Central Tax, regarding claims as an operational creditor. An appeal by the IDBI Bank against admitting SIFL as a financial creditor was also dismissed.
In December 2019, ArcelorMittal jointly with Nippon Steel had acquired Essar Steel under the Insolvency and Bankruptcy Code (IBC) and renamed the company, ArcelorMittal Nippon Steel India (AM/NS India).