The Supreme Court had scheduled the case hearing today on allowing Jindal Steel & Power (JSPL) to lift its iron ore stock lying at Sarda Mines. As per the latest update received from a market source, the hearing was held today (i.e 30 Jan’17) which was heard by the bench of Judges. The Apex Court has scheduled next hearing for the filed SLP separately after a span of 4 weeks (i.e towards end of Feb’17).
As per recent reports, a consortium of eight banks led by State Bank of India has asked Supreme Court to to implead it as a part in the mining case related to JSPL, in a bid to recover outstanding dues worth INR 7,400 crore. The consortium has said that any order to refuse permission to JSPL to lift and transport iron ore from its Sarda Mines plant will worsen its chances of recovery.
Owing to lack of necessary clearances, Sarda mines was closed on Apr’14. Later on 8 Apr’16, Odisha High Court ordered JSPL to lift its iron ore stocks lying at Sarda mines following which state govt. was directed to fast track the case of lifting stocks. However towards beginning of Aug’16, Odisha govt. filed Special Leave Petition (SLP) against the state High Court order. After this, series of hearings were conducted thereafter on 23 Nov’16, 18 Jan’17 and 30 Jan’17.
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