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IDBI Bank secures $239 million debt judgment in UK Top Searches IDBI Bank secures $239 million debt judgment in UK PTI / Jun 4, 2021, 06:55 IST FacebookTwitterLinkedinEMail 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. ....
ET Markets RadioTune in now for Markets news, views & cues ETMarkets Morning Podcast (ETMarkets.com) 05:08 Min | June 04, 2021, 8:48 AM IST Tune in as we tell you what s happening in the market, what s making news this morning, and look at some of the buzzing stocks. Tags Transcript Hi there, Good Morning. Welcome to ETMarkets Morning podcast, the show about money, business and markets. I am Sabari Saran. Let s start with the headlines first Balanced Advantage Funds go light on pricey equity Price trends signalling good times ahead for cement stocks MFIs facing major rating downgrade Damani, DMart on a real estate buying spree ....
IDBI Bank has secured a USD 239 million judgment in the commercial division of the High Court of London against a Cypriot subsidiary of India-based Essar Shipping Group, believed to be one of the largest debt judgments obtained by an Indian bank in the English courts. Mumbai-headquartered IDBI had entered into loans totalling USD 148 million with two Singapore registered companies Varada Drilling One Pte Ltd and Varada Drilling Two Pte Ltd for the construction of two jack up drilling rigs in March 2013. IDH International Drilling Holdco Ltd (IDH), the Cypriot-registered parent company of the borrowers, gave a corporate guarantee in respect of the loan. The loan and guarantee were governed by English laws and were therefore subject to the jurisdiction of the English courts. ....
The judgment assumes significance both in terms of its size and the message it sends to defaulters that Indian banks are willing and able to recover outstanding debts through English courts. ....
Mumbai-headquartered IDBI had entered into loans totalling USD 148 million with two Singapore registered companies Varada Drilling One Pte Ltd and Varada Drilling Two Pte Ltd for the construction of two jack up drilling rigs in March 2013. ....