Tata Steel files writ petition seeking waiver of SDF loans and refund of balance amount
The High Court of Calcutta has admitted a writ petition filed by Tata Steel challenging the rejection of its representation seeking a waiver of loans availed from the Steel Development Fund (SDF) and refund of the balance amount.
DESK – Tata Steel has filed a writ petition before the High Court of Calcutta, challenging the Union of India (Ministry of Steel)’s rejection of its representation seeking a waiver of loans availed from the Steel Development Fund (SDF) and refund of the balance amount lying in the Fund.
The company had filed the representation on March 28, 2023, in accordance with the directions of the High Court at Calcutta vide its order dated August 3, 2022, read with order dated January 3, 2023, in Appeal.
However, the Union of India (Ministry of Steel) rejected the representation vide its letter dated December 29, 2023.
Tata Steel has now challenged this rejection by filing a writ petition before the High Court of Calcutta, which was taken up for hearing on April 2.
The relief sought in the present case is against the Union of India (Ministry of Steel), SDF Managing Committee, Joint Plant Committee, and other connected respondents.
According to Tata Steel’s last annual audited financial statements, the total amount of loan outstanding (principal plus interest) stands at Rs 2,751.17 crore.
The company has stated that it has been taking requisite steps to safeguard its interests in this matter.
The High Court of Calcutta’s admission of the writ petition marks a significant development in Tata Steel’s ongoing efforts to secure a waiver of the SDF loans and refund of the balance amount.
The outcome of this legal battle will have significant implications for Tata Steel’s financial position and its ability to manage its debt obligations.
