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".
6 Indian banks win UK HC challenge over unpaid loans by Singapore s GVK business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
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.