New Delhi: An Italian court has barred India from encashing bank guarantees worth Rs 2,360 cr of AgustaWestland as part of the penalties imposed after scrapping the scam-tainted Rs 3,600 cr VVIP chopper deal.
India has now decided to file an appeal against the decision of the Italian court, a Defence Ministry spokesperson said on Tuesday that the government “will vigorously pursue all options†for encashment of the bank guarantees.
India has already encashed bank guarantees of around Rs 240 cr deposited in banks in India but it is yet to recover the bank guarantees deposited in Italian banks.
An Italian court in Milan on Monday accepted a plea by AgustaWestland’s parent company Finmecannica to stop India from encashing over Rs 2,360 cr.
“The Milan court has confirmed the ruling made last January, prohibiting the payment of collateral of more than 278 mln euros deposited in relation to the contract,” said Finmecannica.