Tata Steel: Court Restricts Use of ₹2,970 Cr SDF Loan Funds

Tata Steel has received a court order from the Hon'ble High Court of Calcutta restricting the Joint Plant Committee (JPC) from utilizing or disbursing ₹2,970 crore. This amount was deposited by Tata Steel towards outstanding Steel Development Fund (SDF) loan obligations, without prejudice to its rights. The company had filed an appeal against a previous High Court order dismissing its writ petition for waiver of these loans. The interim application sought to safeguard the deposited funds until the appeal is disposed of. This development is a significant legal update concerning the company's substantial loan obligations.