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The National Company Law Tribunal, Cuttack has approved ArcelorMittal’s Resolution Plan for Odisha Slurry Pipeline Infrastructure Ltd under the Insolvency & Bankruptcy Code. (IDBI Bank vs Odhisha Slurry Pipeline Infrastructure Ltd.)
The order passed by a two-member Bench of Member (Judicial) Sucharitha R and Member (Technical) Satya Ranjan Prasad reads,
"The Resolution Plan submitted by M/S ArcelorMittal India Pvt Ltd, the Resolution Applicant ..is APPROVED as per Section 31(1) of the Insolvency and Bankruptcy Code, 2016. Accordingly, the same shall be binding on the Corporate Debtor, its employees, members, creditors, including the Central Government, State Governments, or any local authority, guarantors and other stakeholders."