ArcelorMittal Nippon Steel - Indian Oil to appoint arbitrators

Supreme Court: The Bench comprising of Dr. DY Chandrachud, CJI, JB Pardiwala and Manoj Misra, JJ allowed arbitration for ArcelorMittal Nippon Steel (‘AMNS’) and Indian Oil Corporation Ltd. (‘IOCL’) to resolve the dispute pertaining to Essar Steel India Ltd. (‘ESIL’). The Court took note of the joint agreement by AMNS and IOCL for appointment of two arbitrators each and directed to appoint arbitrators within a week, who will thereby appoint a third arbitrator.

The Bench set aside the Delhi High Court’s decision rejecting IOCL’s plea seeking appointment of an arbitral tribunal to settle claims, and left it open for the parties to argue on arbitrability of the dispute.

As per reports, the said dispute pertains to Rs 8772 Crore claim against AMNS, originally filed against ESIL.

Source: Press

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