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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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India's IDBI Bank secures $239 mn debt judgment in UK High Court

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. ....

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India's IDBI Bank Secures $239 Million Debt Judgment in a UK Court

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. ....

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idbi bank: India's IDBI Bank secures USD 239 million debt judgement in UK High Court

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. ....

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IDBI Bank News: IDBI Bank Secures $ 239 Million Debt Judgment In London High Court: Report

Loan and guarantee were governed by English laws and were subject to jurisdiction of English courts.
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, 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 $ 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. ....

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