Essar Says Lenders Sued Too Late On $109M Unpaid Loan

By Silvia Martelli (October 14, 2021, 3:43 PM BST) -- An arm of construction giant Essar Group has told a London court that four lenders suing for $109 million from an unpaid loan acted too late and cannot now recover the money.

The lenders, including Canara Bank, the London branch of an Indian state-owned bank, cannot seek debt or damages for money that construction company IDH International Drilling Holdco Ltd. had to pay more than six years before they filed their claim, the company argued in an Oct. 8 High Court defense.

That means that the lenders waited too long to sue under English limitation rules, IDH told the court....

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