New Delhi, Feb 12 (Reporter) The Supreme Court on Monday allowed Arcelor Mittal Nippon Steel India Limited (AMNSIL) and Indian Oil Corporation Limited (IOCL) to initiate arbitration proceedings for resolving their dispute relating to Essar Steel India Limited (ESIL). A bench comprising Chief Justice of India (CJI) Dr DY Chandrachud, Justice JB Pardiwala, and Justice Manoj Misra, while taking on record the joint agreement of AMNSIL and IOCL regarding the appointment of an arbitrator each within a week allowed the parties to go for arbitration. The Bench noted that the parties have agreed to nominate two arbitrators within a week. The two arbitrators so appointed will nominate the third arbitrator. It said that both sides would have the liberty to argue on the aspect of whether the dispute was arbitrable or not, and added that all rights and contentions of the parties are kept open. ESIL was acquired by AMNSIL in 2019 through the corporate insolvency resolution process. The IOC approached the Delhi High Court in 2022 for the appointment of an arbitrator to adjudicate its dispute. The high court had on October 10, 2023, turned down IOCL’s plea, noting that the resolution plan was approved by the Supreme Court after hearing the parties and hence it lends an evident quietus to the entire controversy. The high court added that once a party accepts the approval of the resolution plan, which results in the extinguishment of their claims, it cannot be reopened. The Top court held that given the agreement between the parties, the Delhi High Court’s judgment dated October 10, 2023, is rendered infructuous...////...