Stay updated with breaking news from Off Shore Banking. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Judge Dame Clare Moulder presided over the trial last month at the Commercial Court division to hear the case brought by the Bank of Baroda and others and in an approved judgment dated October 19 concluded the banks "made out their case to the requisite standard".
In a significant legal victory, six Indian banks have successfully won a court ruling in the London High Court against GVK Coal Developers (Singapore) Pte Ltd and associated entities. The total dues is estimated at $2 billion including interest. The case dates back to 2011 and 2014 when the banks provided loan facilities to GVK Coal Developers, which had become overdue.
The case dates back to 2011 and 2014, when loan facilities were made available to the company, which the banks say are long overdue other than USD 83 million from the proceeds of the sale of a Bengaluru airport and certain amounts not in dispute.
(This story has not been edited by THE WEEK and is auto-generated from a PTI
A trial involving six Indian banks pursuing unpaid loans amounting to an estimated USD 2 billion, including interest accrued, from GVK Coal Developers (Singapore) Pte Ltd and associated companies...