Setback for IOC as Delhi HC closes options to settle claim of Rs 8,772 crore

Terming the disputes as “non-arbitrable” and “no reference to arbitration tribunal (AT) is warranted”, the Delhi High Court on Tuesday junked the Indian Oil Corp’s petition for appointment of an arbitral tribunal to settle its Rs 8,772-crore claim against Lakshmi Mittal-led ArcelorMittal Nippon Steel. The claim was initially filed against bankrupt Essar Steel India, which was taken over by ArcelorMittal in December 2019 after it won approval from the Supreme Court.