Indian Bank Steps Up $83M Loan Dispute With Shipping Co.

Law360, London (April 3, 2019, 10:35 PM BST) -- Indian lender IDBI Bank Ltd. has expanded its London lawsuit against a shipping and trading conglomerate over an $83 million loan at the center of a criminal investigation in India, adding references to previous deals under which the trader allegedly made unfair profits at the bank’s expense.

IDBI Bank Ltd.’s amended particulars of claim, which was filed with the High Court on March 29, includes new details of a deed which the bank, Siva Industries and Holdings Ltd., and a company called WinWind OY entered into in 2010, under which IDBI loaned WinWind the dollar equivalent of €52 million and Siva...

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