JUDGMENT

ARUN MISHRA, J.

1. Leave granted.

2. The appeals have been preferred by Orissa Industrial Infrastructure Development Corporation (in short ‘IDCO’) and also by Jindal Stainless Ltd. aggrieved by the impugned judgment and order dated 30.10.2007 passed by the High Court of Orissa, thereby directing IDCO to lease out 825.68 acres of land and to enter into a lease agreement with M/s. Mesco Kalinga Steel Ltd.

3. The factual matrix discloses that Mesco Kalinga Steel Ltd. (in short ‘Mesco’) had applied to IDCO for allotment of 2500 acres of land on 30.6.1994 and IDCO in turn, requested the Government of Orissa to issue necessary orders to process the allotment. On 28.10.1994 the State Government conveyed in principle approval for allotment of 2500 acres of land on the terms and conditions laid down in the policy decision of the State Government as revised on 25.1.1995 for establishment of steel plant.

4. Initially the State Government had agreed for equity participation of Rs.25 crores towards the cost of land. This offer was withdrawn by the State Government on 2.2.1995 and was communicated to Mesco. IDCO wrote a letter on 21.3.1995 to Mesco to deposit the land cost in twenty half