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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ABHAY AHUJA
Arcelormittal Nippon Steel India Ltd. – Appellant
Versus
Moorgate Industries India Pvt. Ltd. – Respondent
JUDGMENT :
ABHAY AHUJA, J.
1. This Interim Application seeks a decree on admission under Order XII Rule 6 of the Code of Civil Procedure, 1908 (the “CPC”) as under:-
“a. This Hon’ble Court be pleased to pass a judgment and decree on admission in terms of prayer clause (a) of the suit, ordering and directing the Defendant to pay to the Plaintiff, the sum of Rs. 19,55,00,000/- (Rupees Nineteen Crore Fifty Five Lac Only) together with interest @ 24% per annum from the due date till the realization of the same by the Plaintiff forthwith.”
2. The Plaintiff is a company previously known as Essar Steel India Limited and now as Arcelormittal Nippon Steel India Limited carrying on business inter alia of manufacturing steel products and is a fully integrated steel producer having steel mill in Hazira, Surat, Gujarat. The Defendant is a company (previously known as “Stemcor India Private Limited”) engaged in the business of trading in steel and other materials. Moorgate Industries UK Limited (formerly known as “Stemcor UK”) and Moorgate Industries DMCC (Formerly known as “Stemcor Mesa DMCC”) are sister concerns / group companies of the Defendant.
3. On or about 7th April, 2012, the Defendant agree
The court affirmed that a decree can be issued based on admissions where debts owed are settled through an approved resolution plan, allowing the security deposit to be recovered unconditionally.
Timely claim submissions are critical in ensuring the integrity of the Corporate Insolvency Resolution Process, and late claims can disrupt the process and are not admissible.
Claims submitted post-approval of a Resolution Plan cannot be entertained under the IBC, 2016, ensuring the integrity of the resolution process.
IBC is a time bound process – Plea of not being aware of newspaper pronouncements is not one which should be available to a commercial party.
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