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IDBI Bank secures $239 million debt judgment in UK

IDBI Bank secures $239 million debt judgment in UK
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IDBI Bank secures $239 million debt judgment in UK
PTI / Jun 4, 2021, 06:55 IST
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IDBI Bank has secured a $239-million judgment in the commercial division of the High Court of London against a Cypriot subsidiary of India-based Essar Shipping Group, among one of the largest debt judgments obtained by an Indian bank in the English courts.
IDH International Drilling Holdco (IDH), the Cypriot-registered parent company of the borrowers, is disappointed with the judgment and is considering its position with regard to an appeal of this judgment, a spokesman for the Essar Group said. Mumbaiheadquartered IDBI had entered into loans totalling $148 million with two Singapore registered companies Varada Drilling One and Varada Drilling Two for the construction of two jack up drilling rigs in March 2013. ....

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Indian Bank Seeks Quick Win In $239M Oil Rig Loan Dispute

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Indian Bank Seeks Quick Win In $239M Oil Rig Loan Dispute
Law360, London (May 21, 2021, 6:20 PM BST) Indian lender IDBI Bank asked a London court on Friday to hand it a quick win on its claim against shipping and logistics company IDH International Drilling Holdco Ltd. seeking repayment of $239.2 million stemming from a loan for two oil rigs.
IDBI s lawyers said that since IDH, formerly Essar Shipping & Logistics Ltd., had agreed to personally guarantee the $150 million loan in the event of default by the borrowers, the High Court should grant summary judgment in its favor without the need of a trial. ....

Neil Henderson , London May , International Drilling Holdco Ltd , Essar Shipping Logistics Ltd , High Court , Drilling Holdco , Essar Shipping , Logistics Ltd , நீல் ஹென்டர்சன் , லண்டன் இருக்கலாம் , உயர் நீதிமன்றம் , கட்டுரை கப்பல் போக்குவரத்து , தளவாடங்கள் லிமிடெட் ,

Indian Bank Seeks Quick Win In $239M Oil Rig Loan Dispute

Indian Bank Seeks Quick Win In $239M Oil Rig Loan Dispute
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Neil Henderson , London May , International Drilling Holdco Ltd , Essar Shipping Logistics Ltd , High Court , Drilling Holdco , Essar Shipping , Logistics Ltd , நீல் ஹென்டர்சன் , லண்டன் இருக்கலாம் , உயர் நீதிமன்றம் , கட்டுரை கப்பல் போக்குவரத்து , தளவாடங்கள் லிமிடெட் ,