MoD to Take Steps to Recover Fully Bank Guarantees in Awil Case

The appellate court in Milan, Italy, in its judgement on Friday, 23 May, 2014, has substantially upheld the claims of Government of India against AgustaWestland International Ltd (AWIL), A W Spa and Deutsche Bank, Italy on the encashment of Bank Guarantees and Performance Bond in the VVIP helicopter case. The court also ordered AWIL and A W Spa to reimburse legal costs of Government of India. MoD is studying the order and will take immediate steps to recover the amounts fully. 

Sitanshu Kar