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The Federal Court of Australia has said in a ruling that ICICI Bank cannot be dragged into a legal battle between Perdaman Chemicals & Fertilisers and the Lanco Group over coal-supply issues.
A consortium of lenders led by ICICI Bank had financed Lanco’s A$730-million acquisition of Griffin Coal in March 2011. Perdaman had filed a lawsuit against ICICI Bank in January, seeking damages worth A$3.2 billion (around Rs. 18,010 crore), claiming that ICICI restrained Griffin Coal from supplying coal to its upcoming urea plant in Western Australia
Federal Court justice Neil McKerracher, on March 6, refused Perdaman’s request to serve the bank with a lawsuit in Singapore.