if the facility agreement is governed by english laws but one of the lenders is an Indian party, then can DRT have any jurisdiction in case there is recovery of debt? the security and the borrower are offshore.
Kimaya Singh (Student) 24 July 2012
if the facility agreement is governed by english laws but one of the lenders is an Indian party, then can DRT have any jurisdiction in case there is recovery of debt? the security and the borrower are offshore.
RAJU O.F., (Advocate) 25 July 2012
If the cause of action happened in India, the Indian lender can prefer Original Application before DRT.
Kimaya Singh (Student) 25 July 2012
so in this case, what exactly would be the cause of action Sir? the fact that the Indian lender extended the loan from India? Also, in case the lender decides to take proceedings abroad with the other syndicate lenders, can the borrower raise a bar stating that DRT will have a mandatory jurisdiction in this case? or as lender, I can chose where I want to go ahead with the proceedings- the DRT or a foreign court?
c.p.s. ramachary (1500) 25 July 2012
The facility agreement governed by English law itself contains a cluse about jurisdiction of Court in which the claim can be made by aggrieved party. Please go through the agreement and write back to us in detail.
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