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NCLAT approves ArcelorMittal resolution plan for Odisha Slurry Pipeline Infra

Business Line  

In a major relief to ArcelorMittal India, the National Company Law Appellate Tribunal (NCLAT) has dismissed various appeals challenging the approval of the resolution plan filed by the company for the corporate insolvency resolution process of Odisha Slurry Pipeline Infrastructure Ltd (OSPIL). OSPIL owns and operates a 253-km slurry pipeline, which is a critical asset for ArcelorMIttal Nippon Steel (AMNS) India. It connects AMNS India's iron ore beneficiation plant in Dabuna with the 12-million tonne pellet plant in Paradip. It was leased to Essar and the arrangement captured in the right to use agreement.