November 3, 2023
1 min read

London Court Rules in Favour of Indian Banks

The judgment, delivered on October 19 by Judge Dame Clare Moulder at the Commercial Court division, favored the banks, represented by the international law firm Reed Smith….reports Asian Lite News

Six Indian banks have claimed a legal victory in London’s High Court against GVK Coal Developers (Singapore) Pte Ltd and its associated companies for an outstanding loan totalling approximately $2 billion, including accrued interest.

The judgment, delivered on October 19 by Judge Dame Clare Moulder at the Commercial Court division, favored the banks, represented by the international law firm Reed Smith.

The banks—led by Bank of Baroda and including Canara Bank, ICICI Bank Ltd, Indian Overseas Bank, and Axis Bank Ltd—argued that loan facilities provided to GVK Coal Developers in 2011 and 2014 remained unpaid and long overdue. The court considered evidence presented by the banks, noting the absence of representation from GVK during the trial. Additionally, the court declined permission for an Indian lawyer to address the proceedings after an adjournment application from GVK was rejected.

The judgment highlighted the absence of repayment concerning the Facility Agreements and referenced the principles of Indian law, particularly regarding force majeure, supported by Mr. Justice Gupte’s report. The judgment also indicated that the Government of India had not declared force majeure in a manner applicable to these contracts.

The entities involved in the case, beyond GVK Coal Developers, include several other GVK group companies primarily based in Singapore, with a couple from Telangana. The loans were intended to support the acquisition and development of coal mines along with associated rail and port infrastructure.

The case, pursued by the banks since 2020 in London’s High Court, culminated in a significant legal win. The GVK Group has been contacted for their response to the judgment. This victory marks a crucial milestone for the Indian banking institutions involved and their pursuit of justice both nationally and internationally.

ALSO READ: Yellen: US Boosting Imports From India, Not China

Previous Story

Yellen: US Boosting Imports From India, Not China

Next Story

CPI-M Shuns Congress, Goes Solo in Telangana Polls

Latest from -Top News

Pahalgam Bled, But Kashmir Didn’t Bow

Pahalgam was the latest act in a long campaign of Pakistan-based militancy aimed at destabilizing Kashmir, especially as the region has gained strength through development,…writes John Spencer On April 22, 2025, gunmen

India–EFTA Trade Deal Gets Swiss Nod

Switzerland Ratifies Landmark EFTA-India Trade Pact, Paving Way for $100 Billion Investment…reports Asian Lite News Switzerland has ratified the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade

Jaishankar Meets SCO Chief

Jaishankar is on a three-day visit to China to attend the Foreign Ministers’ Meeting of the SCO member states being held in Tianjin….reports Asian Lite News External Affairs Minister S. Jaishankar met

Jaishankar Bats for Better Ties with China

Jaishankar underlined the importance of open dialogue and the exchange of perspectives as essential between two major neighbours and economies….reports Asian Lite News External Affairs Minister S. Jaishankar, in talks with Chinese

UN slams resumption of Houthi attacks

In the first such incidents for more than six months, the Yemeni group seized and then scuttled two Liberian-flagged bulk carriers operated by Greek shipping firms, leaving four seafarers presumed dead and
Go toTop

Don't Miss

India’s White-Collar Hiring Drops 8.6%

The IT sector continued to face global headwinds and saw

Over 200 trains cancelled from Sep 8 to 11

India will host the G20 Summit on September 9 and