An Australian court has revoked the government's environmental approval to the $16 billion project, claimed to be a threat to the Great Barrier Reef.

Parsons Brinckerhoff and Korea's POSCO Engineering & Construction Co Ltd, which is also touted as an investor in the final project, were told late last week to stop work on the Carmichael mine.

The decision was taken by the board of trustees (BOT) of the Coal Mines Provident Fund Organisation (CMPFO) in its meeting, chaired by Coal Secretary Anil Swarup.

Currently the companies are allowed coal mining only for captive use.

Corporate India's borrowings have more than doubled in the past four years. Its debt woes in the midst of a slowing domestic economy have far-reaching consequences.

An Australian environmental lobby dragged Adani Group in the Land court of Queensland, objecting to the mining giant's $16.5 bn mine project on the ground that it would endanger biodiversity in the region.

However, the government will decide the fate of four blocks, which came under the scanner for receiving low value bids, after an Inter-Ministerial Committee report.

Earlier in the day, news reports from Singapore citing sources said SBI was preparing to scrap the loan agreement it had signed with the Adani Group in last November.

\"I welcome today's announcement because it demonstrates the priority the government has placed from the outset on ensuring economic development proceeds\", said Adani Group.

Coal minister said that transparent e-auction of 32 coal blocks has fetched revenue of Rs 2.07 lakh cr, which is far in excess of CAG loss estimate of Rs 1.86 lakh cr.

The company has also signed certain letters of intent with power utilities and coal traders as part of discussions to sell the fuel.

The government on Sunday garnered Rs 5,164 crore from sale of two more mines to Jaypee Cement and Ambuja Cements with cumulative proceeds surging to Rs 1.57 lakh crore.

Hindalco Industries won the Dumri mine in Jharkhand for an estimated Rs 9,809 crore, while Jindal Power bagged the Tara block in Chhattisgarh for Rs 2,103 crore.

Usha Martin is the highest bidder at Rs 1,804 for Brinda and Sasai coal block, coal secretary Anil Swarup tweeted.

The government has put at least 15 coal blocks in this round of auction as per the tentative list and over 80 applications have been found to be technically qualified.

The government has received 130 preliminary bids from companies like Essar Power, Hindalco and Adani Power for 21 coal blocks on offer in the second tranche of auction.

India's coal imports have steadily risen and gained 19 per cent last year to 210.6 million tonnes, making the country the world's second-biggest importer after China.

After the Supreme Court cancelled allocation of 204 mines in September, the government decided to auction the blocks. It is putting up 19 blocks on sale in the first tranche.

Out of the 176 applications for mines received by the coal ministry, 134 have been found to be technically valid, coal secretary Anil Swarup told the media on Thursday.

An Adani spokesman says a decision on whether to build the $7 billion Carmichael mine would be based on the project's costs and not the poll result.