Supreme Court sets aside judgment of Delhi High Court as the parties have agreed to refer their disputes to arbitration, after approval of Resolution Plan – Indian Oil Corporation Ltd. Vs. Arcelor Mittal Nippon Steel India Ltd. – Supreme Court

Hon’ble Supreme Court sets aside the judgment of Delhi High Court in which Hon’ble High Court held that approval of the Resolution Plan clearly amounts to the extinguishment of all debts that were owed by the Corporate Debtor except to the extent as was admitted in the Resolution Plan. The IBC and the resolution process does not contemplate matters being left inchoate. In fact, and to the contrary it exhorts one to accept the seal of finality and quietitude which stands attached to the approval of a Resolution Plan. Where the claim can ex facie be said to be unenforceable in law say for instance where it is barred by the statute of limitation or where the dispute of which reference is sought falls within the genre of non-arbitrability.

Supreme Court sets aside judgment of Delhi High Court as the parties have agreed to refer their disputes to arbitration, after approval of Resolution Plan – Indian Oil Corporation Ltd. Vs. Arcelor Mittal Nippon Steel India Ltd. – Supreme Court Read Post »