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.

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An application under section 11 or section 15(2) of the Arbitration Act, for appointment of an arbitrator, will not be barred by pendency of an application under Section 8 of the Act in any suit, nor will the Designate of the Chief Justice be precluded from considering and disposing of an application under Section 11 or 15(2) of the Act – Vijay Kumar Sharma @ Manju Vs. Raghunandan Sharma @ Baburam & Ors. – Supreme Court

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