NCLT Cuttack Dismisses SREI Trust Plea To Recall OSPIL CIRP Admission, Resolution Plan Orders; Imposes ₹1 Lakh Cost
The National Company Law Tribunal's Cuttack bench on Tuesday dismissed a recall application filed by SREI Multiple Asset Investment Management Trust seeking recall of the orders admitting Odisha Slurry Pipeline Infrastructure Ltd (OSPIL) into insolvency and approving its resolution plan. The tribunal held that the attempt amounted to an abuse of the legal process and reflected a lackadaisical attitude.
A bench comprising Acting President Deep Chandra Joshi and Technical Member Banwari Lal Meena observed that the applicant had attempted to undo a successful resolution nearly three years after the plan had attained finality, including affirmation by the Supreme Court.
“This Adjudicating Authority sternly notes that the present Applicant's Application is indicative of the fact that the applicant has clearly abused the process of law and has tried to undo a successful resolution of a Respondent No. L after almost 3 years since the plan has been upheld by none other than the Apex court of the country. During the proceedings as weIl, the applicant has shown lackadaisical attitude.” the tribunal observed.
The application sought recall of two earlier orders: one was the order dated May 14, 2019, admitting OSPIL into CIRP, and another order dated March 2, 2020, approving the resolution plan submitted by ArcelorMittal India Pvt. Ltd. The applicant alleged that the insolvency proceedings had been initiated through fraud, collusion, and suppression of material facts involving certain lenders and stakeholders.
ArcelorMittal India had acquired Odisha Slurry Pipeline for Rs. 2,350 crore.
However, the tribunal noted that the applicant had already exercised its statutory right of appeal before the NCLAT which rejected the challenges through orders dated September 25, 2019, and January 18, 2022.
The tribunal also recorded that the legality of the resolution plan had been upheld by the Supreme Court on November 10, 2022 in SREI Infrastructure Finance Limited v. Ashish Chhawchharia & Ors.
It was noted by the bench that during the proceedings the applicant displayed a “lackadaisical” approach, for which a cost of Rs. 50,000 had earlier been imposed on December 11, 2025.
Finding no merit in the attempt to reopen the matter, the tribunal dismissed the recall application and imposed an additional cost of Rs 1,00,000 on the applicant, directing that the amount be deposited in the PM Relief Fund within seven days.
For Applicant: Senior Advocate Krishnaraj Thaker with Advocate Rupesh Kumar Kanungo
For Respondent: Senior Advocates Jishnu Saha, Joy Saha, with Advocates Saswat Kumar Acharya, Moulshree Shukla, Aditi Thomas, Parth Gokhale, Amit Patnaik, Varun Khanna, Aakriti Vohra, Ruby Singh Ahuja, Devang Kumar, Karanjwala & Co.