+
Indian banks pursue $2bn loan repayment in trial against GVK
ECONOMY & POLICY

Indian banks pursue $2bn loan repayment in trial against GVK

In the High Court, a trial commenced involving six Indian banks pursuing unpaid loans totalling approximately $2 billion, inclusive of accrued interest, from GVK Coal Developers (Singapore) Pte and affiliated companies. Presided over by Judge Dame Clare Moulder in the Commercial Court division, the case was initiated by Bank of Baroda (represented by its Ras Al Khaimah branch), Bank of India (London branch), Canara Bank (London branch), ICICI Bank (represented by its Bahrain, Dubai, and Off-Shore Banking branches), Indian Overseas Bank (Corporate Branch, India), and Axis Bank.

The origins of the case trace back to 2011 and 2014 when loan facilities were extended to the company, which the banks assert are long overdue, except for $83 million derived from the sale of a Bengaluru airport and certain undisputed amounts. Court records indicate that the banks have been pursuing the matter in the High Court in London since 2020.

GVK's legal representatives had successfully requested a postponement in June of the previous year to prepare expert reports on Indian law for the trial. As the trial commenced, GVK was represented solely by an Indian advocate, reportedly having terminated their engagement with their UK legal firm in the weeks leading up to the trial.

The banks are being represented by the international law firm Reed Smith, which has instructed Karishma Vora, an Indian-origin barrister from 39 Essex Chambers London, to present the case before the Commercial Court in London. The case includes several other GVK group companies as defendants, primarily Singapore-based entities with a few from Telangana, including Black Gold Ventures Pte, Cool Water Ventures Pte, Harmony Waters Pte, GVK Natural Resources, GVK Power and Infrastructure, GVK Resources (Singapore) Pte, GVK Coal Resources (Singapore) Pte, and GVK Coal Exploration & Production Pte.

The banks are seeking repayment of the loans acquired in 2011 and 2014, with England being the jurisdiction applied in the case. The GVK Group has been contacted for a comment regarding the on-going trial.

In the High Court, a trial commenced involving six Indian banks pursuing unpaid loans totalling approximately $2 billion, inclusive of accrued interest, from GVK Coal Developers (Singapore) Pte and affiliated companies. Presided over by Judge Dame Clare Moulder in the Commercial Court division, the case was initiated by Bank of Baroda (represented by its Ras Al Khaimah branch), Bank of India (London branch), Canara Bank (London branch), ICICI Bank (represented by its Bahrain, Dubai, and Off-Shore Banking branches), Indian Overseas Bank (Corporate Branch, India), and Axis Bank. The origins of the case trace back to 2011 and 2014 when loan facilities were extended to the company, which the banks assert are long overdue, except for $83 million derived from the sale of a Bengaluru airport and certain undisputed amounts. Court records indicate that the banks have been pursuing the matter in the High Court in London since 2020. GVK's legal representatives had successfully requested a postponement in June of the previous year to prepare expert reports on Indian law for the trial. As the trial commenced, GVK was represented solely by an Indian advocate, reportedly having terminated their engagement with their UK legal firm in the weeks leading up to the trial. The banks are being represented by the international law firm Reed Smith, which has instructed Karishma Vora, an Indian-origin barrister from 39 Essex Chambers London, to present the case before the Commercial Court in London. The case includes several other GVK group companies as defendants, primarily Singapore-based entities with a few from Telangana, including Black Gold Ventures Pte, Cool Water Ventures Pte, Harmony Waters Pte, GVK Natural Resources, GVK Power and Infrastructure, GVK Resources (Singapore) Pte, GVK Coal Resources (Singapore) Pte, and GVK Coal Exploration & Production Pte. The banks are seeking repayment of the loans acquired in 2011 and 2014, with England being the jurisdiction applied in the case. The GVK Group has been contacted for a comment regarding the on-going trial.

Next Story
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?