Ensuring Equitable Distribution of Claims in Corporate Insolvency Resolution: Insights from Standard Chartered Bank v. Essar Steel

Ensuring Equitable Distribution of Claims in Corporate Insolvency Resolution: Insights from Standard Chartered Bank v. Essar Steel

Introduction

The case of Standard Chartered Bank v. Satish Kumar Gupta, R.P. of Essar Steel Ltd. and Others adjudicated by the National Company Law Appellate Tribunal (NCLAT) on July 4, 2019, serves as a pivotal reference in the realm of corporate insolvency resolution in India. The primary parties involved were Standard Chartered Bank acting as a Financial Creditor, Essar Steel India Limited serving as the Corporate Debtor, and ArcelorMittal India Pvt. Ltd. as the Successful Resolution Applicant (SRA).

Summary of the Judgment

The Tribunal addressed multiple appeals challenging the approval of the Resolution Plan for Essar Steel India Limited. Central to the contention was the eligibility of ArcelorMittal India Pvt. Ltd. under Section 29A of the Insolvency and Bankruptcy Code, 2016 (I&B Code). Prominent among the grievances was the discriminatory distribution of payments, with Operational Creditors receiving negligible amounts compared to Financial Creditors.

The Tribunal meticulously examined the procedural adherence to the I&B Code, emphasizing the non-delegation of powers by the Committee of Creditors and ensuring that Distribution Plans are non-discriminatory. Ultimately, the Tribunal dismissed several appeals due to lack of merit and upheld the eligibility of ArcelorMittal India Pvt. Ltd., while modifying the Resolution Plan to align with legal mandates.

Analysis

Precedents Cited

The judgment heavily relied on precedents such as Swiss Ribbons Pvt. Ltd. & Ors. and Darshak Enterprise Private Limited v. Chhaparia Industries Pvt. Ltd. These cases established foundational principles regarding the equitable treatment of creditors and the non-delegable nature of the Committee of Creditors' powers. The Tribunal reaffirmed that once eligibility under Section 29A is established at a higher judicial level, attempts to re-agitate these issues at the NCLAT are barred by the doctrine of res judicata.

Legal Reasoning

The Tribunal underscored the importance of adhering to the I&B Code's stipulations, especially Sections 30 and 53, which govern the submission and distribution within a Resolution Plan. A critical aspect was the prohibition against the Committee of Creditors delegating its distribution powers to sub-committees, reinforcing that such decisions reside solely with the Resolution Applicant. The Tribunal scrutinized the discriminatory allocations favoring certain creditors over others, deeming them arbitrary and contrary to the Code's objective of maximizing asset value while balancing stakeholder interests.

Furthermore, the Tribunal addressed the procedural lapses where Operational Creditors' claims were inadequately addressed, directing that these should be proportionately distributed in future, ensuring that their rights are safeguarded in alignment with statutory provisions.

Impact

This landmark judgment has profound implications for future Insolvency Resolution Processes (IRPs) in India. It reinforces the necessity for Resolution Applicants to formulate non-discriminatory distribution plans, ensuring equitable treatment across all creditor classes. Moreover, it serves as a stern reminder against procedural lapses and unauthorized delegation, thereby strengthening the I&B Code's framework in safeguarding creditor rights and promoting a fair resolution environment.

Additionally, by dismissing baseless appeals and reinforcing res judicata, the Tribunal ensures judicial efficiency, preventing the protraction of IRPs through unnecessary legal challenges.

Complex Concepts Simplified

Section 29A of the Insolvency and Bankruptcy Code

Section 29A outlines the eligibility criteria for Resolution Applicants in an IRP. It ensures that those seeking to take over a debtor's assets are free from conflicts of interest and have detached themselves appropriately from previous associations that may compromise their objectivity.

Committee of Creditors (CoC)

The Committee of Creditors comprises Financial Creditors who have the authority to make key decisions during an IRP, including the approval of the Resolution Plan. However, their powers are not absolute; they cannot delegate decision-making authority related to the distribution of funds to sub-committees or external parties.

Distributive Equity

Distributive Equity refers to the fair allocation of available resources among creditors. The I&B Code mandates that all similarly situated creditors be treated equally unless differentiated by law. This principle ensures that no creditor group is unjustly favored or disadvantaged in the distribution process.

Conclusion

The Standard Chartered Bank v. Essar Steel judgment is a cornerstone in the Indian insolvency jurisprudence, emphasizing procedural rigor and equitable treatment in corporate rescues. By reinforcing non-delegation of the Committee of Creditors' powers and ensuring non-discriminatory distributions, the Tribunal upholds the I&B Code's integrity and its objectives of maximizing asset value and balancing stakeholder interests. This decision not only streamlines future IRPs but also fortifies the legal framework against arbitrary creditor favoritism, thereby fostering a more predictable and fair insolvency resolution landscape.

Key Takeaways:

  • Committees of Creditors must adhere strictly to their defined powers without unauthorized delegation.
  • Resolution Plans must ensure non-discriminatory distributions among all creditor classes.
  • Doctrines like res judicata prevent the re-litigation of issues already settled by higher courts.
  • Equitable treatment of creditors is paramount to uphold the I&B Code's objectives.

Case Details

Year: 2019
Court: National Company Law Appellate Tribunal

Judge(s)

S.J. MukhopadhayaChairpersonBansi Lal Bhat, Member (Judicial)

Advocates

Mr. Kapil Sibal, Sr. Advocate with Mr. Sandeep Singh, Mr. Gaurav Mathur, Ms. Anushree Kapadia, Mr. Adit Pujari and Mr. Raghav Tankha and Mr. Abhishek Shah, Advocates, Mr. Ankur Mittal, Mr. Ankur Saboo and Mr. Avi Yadav, Advocates for Intervener ;Mr. Kapil Sibal, Sr. Advocate with Mr. Sandeep Singh, Mr. Gaurav Mathur, Ms. Anushree Kapadia, Mr. Adit Pujari and Mr. Raghav Tankha and Mr. Abhishek Shah, Advocates ;Dr. U.K. Chaudhary, Sr. Advocate with Mr. Nakul Mohta, Mr. Johnson Subba and Mr. Dhruv Gupta, Advocates., Mr. Haren Rawal, Senior Advocate with Mr. Rajeev Kumar, Advocate ;Mr. Gopal Subramaniam and Mr. Arun Kathpalia, Sr. Advocates with Ms. Misha, Mr. Manu Nair, Mr. Sapan Gupta, Ms. Mrida Lakhmani, Mr. Siddhant Kant and Ms. Jasveen Kaur, Advocates ;Mr. Gopal Subramaniam, Senior Advocate with Ms. Anannya Ghosh, Advocate for R-2, 3, 4 & 5., Mr. Shantanu Singh, Advocate for A-3 & A-4. ;Mr. Sanjiv Sen, Sr. Advocate with Mr. Shwetank Singh and Mr. Anand Varma, Advocates ;Mr. K. Datta and Ms. Prachi Johri, Advocates ;Mr. Sumesh Dhawan and Ms. Vatsala Kak, Advocates ;Mr. K. Datta and Ms. Prachi Johri, Advocates ;Mr. Sumesh Dhawan and Ms. Vatsala Kak, Advocates ;Mr. Sanjiv Sen, Sr. Advocate with Mr. Shwetank Singh, Mr. Anand Varma, Mr. Shayen Ray and Mr. Soumo Palit, Advocates ;Mr. Sanjiv Sen, Sr. Advocate with Mr. Shwetank Singh, Mr. Anand Varma, Mr. Shayen Ray and Mr. Soumo Palit, Advocates ;Mr. Sanjiv Sen, Sr. Advocate with Mr. Shwetank Singh, Mr. Anand Varma, Mr. Shayen Ray and Mr. Soumo Palit, Advocates ;Mr. Sanjiv Sen, Sr. Advocate with Mr. Shwetank Singh, Mr. Anand Varma, Mr. Shayen Ray and Mr. Soumo Palit, Advocates ;Mr. Sanjiv Sen, Sr. Advocate with Mr. Shwetank Singh, Mr. Anand Varma, Mr. Shayen Ray and Mr. Soumo Palit, Advocates ;Mr. Dhaval Mehrotra and Mr. Sudhanshu Sikka, Advocates ;Mr. M.G. Ramachandran, Sr. Advocate with Ms. Ranjitha Ramachandran, Mr. Shubham Arya, Ms. Poorva Saigal and Ms. Tanya Sareen, Advocates ;Mr. Pradeep Misra and Mr. Manoj Kr. Sharma, Advocates ;Mr. Vedant Bhardwaj and Mrs. Hemantika Wahi, Advocates ;Mr. Rajat N. and Mr. Mukul Gupta, Advocates ;Mr. Nataksh Kr. Pal, Advocate ;Mr. Rajat N. and Mr. Mukul Gupta, Advocates ;Mr. Anand Varma, Mr. Shwetank Singh and Mr. Dhairya Madan, Advocates ;Mr. Anand Varma, Mr. Shwetank Singh and Mr. Dhairya Madan, Advocates ;Mr. Abhijeet Sinha, Ms. Pallavi Pratap and Mr. Saikat Sarkar, Advocate ;Mr. Gaurav Juneja, Mr. Aditya Ganju and Ms. Pritika Malhotra, Advocates ;Mr. Vikas Mehta and Mr. Adith Nair, Advocates ;Mr. Vikas Mehta and Mr. Adith Nair, Advocates ;Mr. Prakash Jani, Senior Advocate with Mrs. Maithli Mehta, Mr. Vedant Bhardwaj and Mrs. Puja Singh, Advocates ;Mr. Arvind Kumar Gupta and Ms. Henna George, Advocates ;Mr. Ashim Vachher, Mr. Vaibhav and Mr. V. Dobbal, Advocates ;Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Gopal Subramaniam, Senior Advocate with Ms. Anannya Ghosh, Advocate for R-2, 3, 4 & 5., Mr. Parag Tripathi, Sr. Advocate with Mr. Dhruv Malik, Mr. Ashish Mukhi, Mr. L. Joshi, Mr. Kamlendra P. Singh and Ms. Madhurima Sarangi, Advocates for R-8., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd., Mr. Ankur Mittal and Mr. Avi Yadav, Advocates for IntervenerMr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Gopal Subramaniam, Senior Advocate with Ms. Anannya Ghosh, Advocate for R-2, 3, 4 & 5., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd., Mr. Ankur Mittal and Mr. Avi Yadav, Advocates for IntervenerMr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Arun Kathpalia, Sr. Advocate with Ms. Misha, Mr. Manu Nair, Mr. Sapan Gupta, Ms. Mrida Lakhmani, Mr. Siddhant Kant and Ms. Jasveen Kaur, Advocates for CoC., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Ms. Anannya Ghosh, Advocate for R-2, 3, 4 & 5., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Arun Kathpalia, Sr. Advocate with Mr. Manu Nair, Mr. Sapan Gupta, Ms. Misha, Ms. Mrida Lakhmani, Mr. Siddhant Kant and Ms. Jasveen Kaur, Advocates for CoC, Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Arun Kathpalia, Sr. Advocate with Mr. Manu Nair, Mr. Sapan Gupta, Ms. Misha, Ms. Mrida Lakhmani, Mr. Siddhant Kant and Ms. Jasveen Kaur, Advocates for CoC, Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Arun Kathpalia, Sr. Advocate with Mr. Manu Nair, Mr. Sapan Gupta, Ms. Misha, Ms. Mrida Lakhmani, Mr. Siddhant Kant and Ms. Jasveen Kaur, Advocates for CoC, Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Arun Kathpalia, Sr. Advocate with Mr. Manu Nair, Mr. Sapan Gupta, Ms. Misha, Ms. Mrida Lakhmani, Mr. Siddhant Kant and Ms. Jasveen Kaur, Advocates for CoC, Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Arun Kathpalia, Sr. Advocate with Mr. Manu Nair, Mr. Sapan Gupta, Ms. Misha, Ms. Mrida Lakhmani, Mr. Siddhant Kant and Ms. Jasveen Kaur, Advocates for CoC, Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. LtdMr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. LtdMr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. LtdMr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. LtdMr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates for RP., Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelor Mittal India Pvt. Ltd.Mr. Arun Kathpalia, Senior Advocate with Mr. Siddhant Kant, Advocates for COC., Mr. Raunak Dhillon and Ms. Ananya Dhar Choudhary, Advocates for R-2 (RP).Mr. Ramji Srinivasan, Senior Advocate with Ms. Sylona Mohapatra and Mr. Siddharth Verma, AdvocatesMr. Raunak Dhillon and Ms. Ananya Dhar Choudhury, Advocates for RP., Mr. Vishal Gehrana, Mr. Anupam Prakash, Mr. Utkarsh and Mr. Naman Singh Bagga, Advocates

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