Reportedly british subsidiary of punjab National bank (PNB) has lost its UK high court appeal in a USD 45-million deceit claim against seven individuals and two companies, based in india and the US.
The issue in contention was whether the high court of england and wales should accept jurisdiction to try the claim by London-based punjab National bank international Limited's (PNBIL), involving eight loans it made between march 2011 and december 2014 for oil re-refining and wind energy generating projects in the US.
Sir Geoffrey Vos, Chancellor of the high court, heard the appeal earlier this month against a previous decision against PNBIL by Chief Master Matthew Marsh. "The appeal as a whole against the Chief Master's order of 1st march 2019 must be dismissed," Judge Vos concluded in his ruling on Tuesday.
