Bhubaneswar: A two-judge Bench of the Orissa High Court, comprising Chief Justice AK Ganguly and Justice BN Mahapatra, on Wednesday dismissed the Public Interest Litigation, which had been filed against IMFA challenging its commercial loan restructuring carried out some years ago with several banks.
The PIL had made malafide allegations against the company. The HC dismissed the PIL on the grounds that the court had already dealt with the same matter in an earlier case against IMFA in 2007 where similar issues were raised and settled in favour of the company.
Subsequently, ICCL has been merged with IMFA, which in turn has accelerated the repayments to its lenders. IMFA provides direct and indirect employment to thousands of people in Orissa.