No Reference Of Disputes Before Arbitral Tribunal After Approval Of Resolution Plan

INTRODUCTION

1. The Delhi High Court vide its decision in Indian Oil Corporation Ltd v. Arcelor Mittal Nippon Steel India Ltd¹, has placed another addition to the series of precedents that followed the Corporate Insolvency Resolution Process of Essar Steel India Ltd (ESIL). In the instant case, The Indian Oil Corporation (IOCL), which was an operational creditor of ESIL had filed a petition under section 11 of the Arbitration and Conciliation Act, 1996 (Act) before the Delhi High Court to constitute an Arbitral Tribunal to resolve disputes stemming from a Gas Supply Agreement (GSA) that was first signed with Essar Steel Ltd (now ESIL) and then assigned to Essar Oil Limited (EOL). The GSA dated 15.01.2009, had given rise to a disagreement, mainly on the "Take or Pay" obligation under Article 14 of the same. This provision gave IOCL the authority to demand payment from ESIL for corrective steps in the event that ESIL did not obtain the entire agreed-upon