6 Indian banks sue GVK Coal Developers for over ₹11,700cr for loan default: Report

Six Indian banks, namely Canara Bank, ICICI Bank, Bank of Baroda, Bank of India, Axis Bank and Indian Overseas Bank, have reportedly sued GVK Coal Developers (Singapore), for over ₹11,700 crore ($1.5 billion), in London High Court. The dispute is over a $1-billion loan default, a $35-million letter of credit facility lent in 2011 and a $160-million loan from 2014.