A trial commenced in the High Court in London involving six Indian banks seeking to recover unpaid loans totalling an estimated $2 billion, including accrued interest, from GVK Coal Developers (Singapore) Pte Ltd and its affiliated companies.
Judge Dame Clare Moulder presided over the proceedings in the Commercial Court division, hearing the case filed by Bank of Baroda (acting through its Ras Al Khaimah branch), Bank of India (London branch), Canara Bank (London branch), ICICI Bank Ltd (acting through its Bahrain, Dubai, and Off-Shore Banking branches), Indian Overseas Bank (Corporate Branch, India), and Axis Bank Ltd.
The case stems from loan facilities provided to the company in 2011 and 2014, which the banks contend are significantly overdue, with the exception of $83 million from the sale of a Bengaluru airport and certain undisputed amounts.
According to court documents, the banks have been pursuing this case at the High Court in London since 2020.