French Trader Ordered To Pay $1.7M To India's Canara Bank

By Bonnie Eslinger (September 14, 2021, 6:27 PM BST) -- An English judge has ordered a French trading company subsidiary to pay more than $1.7 million to India's government-owned Canara Bank after it failed to file a defense or even acknowledge litigation filed by the lender.

High Court Judge Sara Cockerill said in an Aug. 20 order, which has just been made public, that she granted Canara Bank's request for default judgment against London-based M.C.S. International Ltd. after the trading company failed to file an acknowledgement of service or provide a defense to the lender's claim.

The amount due is the remaining money owed under a loan agreement Canara had with...

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