Tata Steel files writ petition seeking waiver of loans from Steel Development Fund

The High Court of Calcutta has admitted a writ petition filed by Tata Steel in the matter of waiver of loans availed by it from the Steel Development Fund.

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, Tata Steel had, on March 28, 2023, filed a representation before the Union of India (Ministry of Steel), seeking waiver of loans availed by it from Steel Development Fund (SDF) and refund of the balance amount lying in the Fund, Tata Steel said in a filing.

The said representation was rejected by the Union of India (Ministry of Steel) vide its letter dated December 29, 2023.

The rejection has been challenged by Tata Steel Limited by a Writ Petition filed before the High Court Calcutta. The case was taken up for hearing on April 2.

Relief in the present case has been sought against the Union of India (Ministry of Steel), SDF Managing Committee, Joint Plant Committee and other connected respondents, Tata Steel said.

“The total amount of loan outstanding (principal plus 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.