6 Indian banks win $2bn case against GVK in London HC

Six Indian banks have won a court battle in London to be paid $2.1 billion by a Singapore subsidiary of the GVK group after it defaulted on its loan repayments. The banks provided the loans for coal mining projects in Australia, but GVK failed to obtain a mining license and blamed the market downturn and legal challenges. The court ruled that the banks are entitled to $1 billion in interest and $1.1 billion of the principal sum. The banks' lawyers stated that this victory is of great commercial significance.

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