Indian Bank Seeks Quick Win In $239M Oil Rig Loan Dispute

Law360, London (May 21, 2021, 6:20 PM BST) -- Indian lender IDBI Bank asked a London court on Friday to hand it a quick win on its claim against shipping and logistics company IDH International Drilling Holdco Ltd. seeking repayment of $239.2 million stemming from a loan for two oil rigs.

IDBI's lawyers said that since IDH, formerly Essar Shipping & Logistics Ltd., had agreed to personally guarantee the $150 million loan in the event of default by the borrowers, the High Court should grant summary judgment in its favor without the need of a trial.

Neil Henderson, representing IDBI, said there was a "very strong case" the bank had...

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