Calcutta HC admits petition filed by Tata Steel over loan waiver from SDF

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The Calcutta High Court has admitted a writ petition filed by Tata Steel regarding the waiver of loans availed by it from the Steel Development Fund (SDF).


In a stock exchange filing Tuesday night, the company informed that the High Court of Calcutta on April 2, 2024, admitted a writ petition filed by Tata Steel, regarding the waiver of loans availed by it from the SDF.

The company said that in accordance with the directions of the High Court at Calcutta vide its order dated August 3, 2022, read with the order dated January 3, 2023, in appeal, Tata Steel had, on March 28, 2023, filed a representation before the Union of India (Ministry of Steel), seeking a waiver of loans availed by it from the SDF and refund of the balance amount lying in the fund.


The representation was rejected by the Union of India (Ministry of Steel) vide its letter dated December 29, 2023, which was challenged by Tata Steel through a writ petition before the Calcutta High Court. The case was taken up for hearing on April 2, 2024.


The case has been opened today by Tata Steel, and the hearing will continue on April 8, 2024, the company said. “Relief in the present case has been sought against Union of India (Ministry of Steel), SDF Managing Committee, Joint Plant Committee, and other connected respondents,” it said in the filing.


The total amount of outstanding loans (principal + interest) as of the last annual audited financial statements is Rs 2,751.17 crore. “The company has been taking requisite steps to safeguard its interests,” Tata Steel said.

First Published: Apr 03 2024 | 11:26 PM IST