Punjab National Bank's UK unit wins court battle over unpaid loans

Punjab National Bank International Limited (PNBIL) has logged a big win in a UK High Court in its pursuit of around $22 million in unpaid loans, setting a precedent for other enforcement cases brought by Indian banks against promoters or guarantors in English courts.

The case by the UK subsidiary of PNB is seen as a landmark decision for similar cases involving wilful defaulters who are residing in or have assets in the UK, or where the finance agreements are subject to English law and jurisdiction.

However, legal experts stressed that there is no direct link between the outcome of this case