ICICI Bank Can Recoup £38M Loan Payments From Oil Co.

Law360, London (April 1, 2019, 2:39 PM BST) -- A London judge gave the U.K. branch of Indian lender ICICI Bank a green light to recoup an outstanding £38.6 million ($50.6 million) from Assam Oil Co. allegedly due under a loan dating back to 2007, concluding the oil company's defense to the suit wouldn't succeed at trial.

Assam Oil had argued that it should be freed from its obligations under the loan — which it took out with ICICI Bank UK PLC in 2007 — saying the bank misrepresented the terms of a refinancing deal in 2011 which left it financially worse off.

But Judge Andrew Burrows ruled Wednesday that...

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