Delhi HC rejects IOC's arbitration plea against ArcelorMittal

11 Oct 2023 CW Team

The Delhi High Court dismissed Indian Oil Corp's plea for arbitration in its Rs 87.72 billion claim against ArcelorMittal Nippon Steel, terming the dispute as "non-arbitrable." The claim, initially against Essar Steel India, was taken over by ArcelorMittal in 2019. Justice Yashwant Varma stated that the resolution plan's approval extinguished all claims, and reopening the dispute in arbitration was impermissible, as it would rewrite the resolution plan's clean slate. The court emphasised that once the resolution plan is approved, no fresh claims can be made against the successful applicant.

Previous decisions in favour of IOC were overturned by the Supreme Court, concluding the dispute. The conflict originated from a 2009 gas supply agreement between IOC and Essar Steel India, leading to arbitration after Essar failed to respond to IOC's demand notice. When insolvency proceedings began in 2017, IOC's claim was admitted for a nominal amount. After ArcelorMittal's takeover, IOC sought payment for the dues, which was rejected, leading to arbitration and the subsequent legal proceedings.

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