Shipper Says It Was Misled By Indian Bank In $83M Loan Case

Law360, London (February 6, 2019, 9:21 PM GMT) -- A shipping and commodities trading conglomerate has accused IDBI Bank Ltd. in new court filings of tricking it into agreeing to guarantee an $83 million loan at the center of a criminal investigation in India.

The defense filed by trading firm Siva Industries and Holdings Ltd. maintains that it would not have signed a "letter of comfort" to guarantee and indemnify an $83 million loan IDBI provided to Axcel Sunshine Ltd. if the bank hadn’t said it would never be used or relied upon.

The “execution of the Letter of Comfort by Siva was procured by the misrepresentation of the lender,”...

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