Indian Bank Sues Shipper For $211M Oil Rig Loan Payment

Law360, London (May 22, 2020, 5:18 PM BST) -- Indian lender IDBI Bank Ltd. has launched a suit in the U.K. against a shipping and logistics company seeking the repayment of a $211 million loan for two oil rigs.

State-owned IDBI Bank claims that IDH International Drilling Holdco, formerly Essar Shipping & Logistics, is on the hook for the outstanding cash after agreeing to personally guarantee the loan on behalf of two drilling companies, according to documents filed with the High Court and recently made public.

The bank agreed to lend Varada Drilling One Pte Ltd. and Varada Drilling Two Pte 1. Ltd. a total of $150 million to fund...

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