According to the court order dated September 17, 2026, which was received by Tata Steel on Friday, “till the appeal is disposed of, the fund shall not be utilised or disbursed to third parties.”
“As per the order of the Hon’ble High Court of Calcutta dated September 17, 2026, received by the Company today, i.e. September 18, 2026, Hon’ble High Court has disposed of the interim application with the direction that till the appeal is disposed of, the fund shall not be utilised or disbursed to third parties,” according to a stock exchange filing.
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The company had filed Interim Application GA/2/2026 before the Calcutta High Court seeking an injunction on the JPC utilising the ₹2,970 crore. The application was heard by the court on September 17.
Tata Steel paid ₹2,970 crore during FY2026
The development is related to Tata Steel’s loan obligations arising from the SDF, which is managed by the JPC under the Ministry of Steel. Tata Steel had earlier sought a waiver of loans availed from the SDF, “in parity with SAIL”, or Steel Authority of India Ltd.
The company had filed a writ petition before the Calcutta High Court on April 2, 2024, against the rejection of its representation seeking the waiver. The matter was heard by the High Court over several hearings.
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On May 24, 2024, the Single Bench of the Calcutta High Court dismissed Tata Steel’s writ petition, while giving the company liberty to approach the JPC. Tata Steel subsequently sought further legal remedies and filed an appeal against the order before the Division Bench of the Calcutta High Court. The appeal is pending before the court.
On January 17, 2025, Tata Steel received a demand from the Ministry of Steel to make payment towards the outstanding balance of the SDF loan. During FY2026, the company discharged its liability towards the JPC aggregating to ₹2,970 crore, “without prejudice to its rights and contentions in the appeal,” Tata Steel said.
Tata Steel said its management believed that interim protection was necessary to safeguard the amount deposited by the company with the JPC. Accordingly, the company filed Interim Application GA/2/2026 before the Calcutta High Court seeking an injunction on the JPC utilising the ₹2,970 crore.
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The interim application was heard on September 17, 2026. The High Court subsequently disposed of the application and directed that the fund should not be utilised or disbursed to third parties until the appeal is disposed of.
Shares of Tata Steel Ltd ended at ₹184.75, down by ₹3.25, or 1.73%, on the BSE.
