The U.S. Supreme Court on Wednesday appeared unlikely to revive a lawsuit by villagers in India seeking to hold a Washington-based international financial institution responsible for environmental damage they blame on a power plant it financed.
The justices heard an hour of arguments in an appeal by the villagers of a lower court ruling that the International Finance Corp was immune from such lawsuits under U.S. law. Based on questions asked by several justices, the court looks likely to rule in favour of the IFC, which is part of the World Bank Group.
IFC provided $450 million in loans in 2008 to help construct the coal-fired Tata Mundra Power Plant in Gujarat. IFC loans include provisions requiring that certain environmental standards are met. Read more
Latest posts by Business-Standard.com (see all)
- India’s natural gas production rises 0.2% in July 2019 - August 21, 2019
- India’s crude oil production declines 4.4% in July 2019 - August 21, 2019
- Odisha clears Rs 2.04-trn investments; focus on sectors other than mining - August 20, 2019