SREI Multiple Asset Investment Trust Vs Arcelormittal India (P) Ltd. & Ors. (NCLAT Delhi)
NCLAT Delhi held that power under Order 1 Rule 8A of CPC is only enabling power and cannot be accepted that the said provision give Applicant right to advance submission on question of law.
Facts- The matter involved herein is that the Resolution Plan of both Essar Steel and OSPIL were affirmed up to the Hon’ble Supreme Court. It was after the approval of Resolution Plans of Essar Steel and OSPIL, Srei Infrastructure Finance Ltd. filed IA No.245 of 2020. The Adjudicating Authority vide order dated 10.11.2020 has allowed the IA of Srei Infrastructure Finance Ltd. and directed the Arcelormittal Nippon Steel India Ltd., the Appellant in Company Appeal (AT) (Ins.) No.1043 of 2020 to pay Rs.1300 crores to OSPIL as CIRP cost for usage of the slurry pipeline.
Notably, the Applicant has sought intervention in the Appeal under Order I (Rule 8A) of the CPC. It is pleaded that the Applicant seeks to address this Tribunal on two questions of law as has been captured in Paragraph-1 of the application. The Applicant pleads that the Appeal arises out of an order dated 10.11.2020 passed by NCLT Ahmedabad in IA No.245 of 2020 filed by Srei Infrastructure Finance Ltd. in CP (IB) No.39-40 of 2017 titled ‘Standard Chartered Bank vs. Essar Steel India Ltd.’, being a proceeding relating to the insolvency of the CD namely – Essar Steel India Ltd. (as was known prior to approval of the Resolution Plan under the IBC), which Company now known as M/s Arcelormittal Nippon Steel India Ltd. It is pleaded that the consequence of the order dated 10.11.2020 is that Company AMNSIL is to pay RTU charges to OSPIL.
