Bank of New York Mellon, London Branch v Essar Steel India Ltd

Bank – Declaration. The Bank of New York Mellon, London Branch, failed in its application for declarations against the defendant company, Essar Steel India Ltd, concerning the amounts due and payable in respect of certain unsecured notes issued by the defendant, which were governed by a trust deed. The Financial List held that, on the facts of the case, it would be inappropriate to make the declarations sought, because if they were to have an effect on Indian insolvency proceedings concerning the defendant, that would amount to an improper interference in a foreign process being conducted by a party not before the court, namely the insolvency resolution professional appointed in respect of the Indian insolvency proceedings.

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