News

December 03, 2019

Supreme Court Refuses To Allow JSPL To Sell, Move Iron Ore Before Detailed Hearing Of Sarda Mines Case On January 17


[ By Bobby Anthony ]

Jindal-Steel

The Supreme Court has refused Jindal Steel and Power Ltd (JSPL) the right to sell or transport iron ore in the Sarda Mines case, giving it no relief.

The Supreme Court has clarified that it will not pass an interim order and that a detailed hearing needs to take place. The detailed hearing is scheduled to take place on January 17, 2020.

Earlier, JSPL had they had pleaded before the Supreme Court that the iron ore belonged to them and that they should be allowed to consume it and transport it from the current location, which is Sarda Mines, in the hope of getting relief.

JSPL has not been allowed to transport or use the iron ore in question, which is about 12 million tonne, costing about Rs 2,000 crore.

However, this contention of JSPL was at odds with that of the banks. The banks clarified their position and stated that they have a statutory charge over the same iron ore and that it does not belong to JSPL.

The banks on their part contended that they themselves should be allowed to sell this iron ore and the money received should go in an escrow account.

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