Ad

Tag: 360 Crores

India to Appeal Against Italian court For Bank Guarantees Worth Rs 2,360 Crores:VVIP Chopper

India to appeal against Italian court order In V V I P Chopper Bank Guarantees Worth Rs 2,360 Crores
An Italian court has barred India from encashing bank guarantees worth over Rs 2,360 crore of Agusta Westland as part of the penalties imposed on it after scrapping of the Rs 3,600 crore 12 V V I P chopper[ Helicopter] deal.
India has decided to file an appeal against the decision of the Italian court, a Defence Ministry spokesperson said.
The Government of India will be filing an appeal against the order of the Italian Court in Milan
Simultaneously, the Government will vigorously pursue all options for encashment of the bank guarantees.
As Per Ministry Of Defence, India has already encashed bank guarantees of around Rs 240 crore deposited in banks in India but it is yet to recover the bank guarantees deposited in banks of Italy.
An Italian court in Milan on Monday accepted a plea by Agusta Westland’s parent company Finmecannica to stop India from encashing over Rs 2,360 crore