Court Upholds Finmeccanica Claims In Indian VVIP Helicopter Deal

  • Our Bureau
  • 08:15 AM, March 18, 2014
  • 2720
Court Upholds Finmeccanica Claims In Indian VVIP Helicopter Deal
Court Upholds Finmeccanica Claims In Indian VVIP Helicopter Deal

A Milan court on Monday upheld an appeal lodged by Finmeccanica subsidiaries “seeking an emergency interim ruling” on the contract with the Indian MoD to supple 12 AW 101 VVIP helicopters.

The Court confirmed the ruling issued last January 8, prohibiting, as a preventive measure, Deutsche Bank S.p.A. to pay the collateral of over EUR 278 million deposited in relation to the contract.

“The decision of the Milan Court upheld almost all the claims made by the two companies (AgustaWestland S.p.A. and AgustaWestland International Ltd), recognizing the patently abusive behaviour of the Indian Defence Ministry in demanding the payment of the collateral on the grounds of generic allegations in relation to the unspecified non-performance of contractual obligations,” Finmeccanica said in an official statement.

Limitedly to the roughly EUR 28 million in warranty bonds, which have already been paid out by the State Bank of India and by Deutsche Bank A.G., and to the earnest money deposit of approximately EUR 350,000, the Court of Milan declared lack of jurisdiction and refrained from deciding on the issue. 

 

Also Read

Finmeccanica Issues Statement On India’s AW101 Helicopter Procurement Cancellation Reports

November 20, 2013 @ 05:22 AM

Despite ‘Malpractice’ Enquiry; India’s AW101 Helicopter Procurement On Schedule

May 9, 2012 @ 12:00 AM

Indian Air Force signs $764 million contract for 12 AW101 helicopters

March 11, 2010 @ 12:00 AM

Former Finmeccanica CEO Found Guilty Of False Invoicing In Indian Helicopter Deal,...

October 9, 2014 @ 01:33 PM

Italian Judge Closes Indian VVIP Helicopter Case Against AgustaWestland: Finmeccanica

August 29, 2014 @ 03:36 PM

CBI To Continue With Finmeccanica Chopper Scam Probe

July 30, 2014 @ 11:06 AM

AgustaWestland Honored For Project Zero Tilt Rotor

June 27, 2014 @ 07:58 AM

Finmeccanica Approves New Organizational And Operating Model

June 20, 2014 @ 10:20 AM

Finmeccanica, BAIC Sign MoU For Industrial Cooperation

June 12, 2014 @ 02:28 PM
FEATURES/INTERVIEWS