6 Indian banks sue GVK Coal Developers in London for $1.5 bn loan default

The banks have sued GVK Group-owned GVK Coal Developers over a dispute on a $1-billion loan and $35-million letter of credit facility and a $160-million loan

Six Indian banks, namely Canara Bank, ICICI Bank, Bank of Baroda, Bank of India, Axis Bank and Indian Overseas Bank, have sued Singapore's GVK Coal Developers for Rs 12,114 crore ($1.5 billion) plus interest in the London High Court, a report by The Times of India said. 

The banks have sued the GVK Group-owned GVK Coal Developers over dispute on a $1-billion loan and $35-million letter of credit facility that five banks lent to the company in 2011 and a $160-million loan lent in 2014, the report said. The banks have claimed that GVK defaulted on all these loans. 

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