The National Company Law Appellate Tribunal (NCLAT), Principal Bench in New Delhi, has dismissed a plea filed by the SREI Multiple Asset Investment Trust (SMAIT), which sought to be impleaded in an ongoing insolvency appeal tied to a hefty ₹1300 crore CorporateInsolvency Resolution Process (CIRP) cost dispute. The Trust, which claimed to have held a 69.80% equity stake in Odisha Slurry Pipeline Infrastructure Ltd. (OSPIL) before it went into insolvency, had filed Interlocutory Application No. 705 of 2022, arguing that it should be heard in the matter.
The case arose from the insolvency proceedings of Essar Steel India Ltd. and OSPIL. After both companies went through successful resolution processes, each approved by the…