Punjab National Bank Sues For €14M Over Shipping Loan

Law360, London (May 3, 2019, 7:22 PM BST) -- The U.K. unit of Indian lender Punjab National Bank is suing a Mauritius cruise company in London over €14.4 million ($16.1 million) in outstanding loan payments dating back to 2012, on claims that the firm and its two guarantors have fallen afoul of their contractual obligations.

Punjab National Bank (International) Ltd.’s High Court claim against Vishal Cruises (Private) Ltd., Pradeep Agrawal and Superior Industries Ltd. was initially launched Sept. 15, 2017, but was only made public Wednesday due to the time it took to serve the defendants out of jurisdiction, according to a spokesperson for the law firm representing the bank....

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