Punjab National Bank Faces Fight In Suit Over $27M Debt

Law360, London (April 5, 2019, 6:58 PM BST) -- Eight individuals have denied Punjab National Bank's claim that they owe the lender $27 million in outstanding repayments, saying in new court documents that they never agreed to cover the entire indebtedness of the companies that took out the initial loans at the heart of the suit.

In a defense filed with the High Court of Justice of England and Wales on April 1, the individuals said that the loss being claimed by the bank "far exceeds" the sums that are due under the loans it provided in 2011 and 2012 to two firms in the Hanjer Group of Companies, which...

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