Shipper Fights Indian Bank's $211M Suit For Loan Payments

Law360, London (July 14, 2020, 10:34 PM BST) -- A shipping and logistics company argued that IDBI Bank Ltd. didn't follow the requirements to call in a loan for two oil rigs before lodging a $211 million lawsuit in London to recover interest on the agreement. 

In defense documents filed Friday, DH International Drilling Holdco Ltd. disputed the validity of the Indian lender's claim that it accelerated the repayments of a loan for two oil rigs on which it is now seeking millions in interest.

State-owned IDBI Bank is asking the High Court to order the immediately repayment, or acceleration, of the loan — which was made to two drilling companies...

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