India's State Bank of Patiala has given ABG Shipyard 15 days to settle its debts or it could take "appropriate legal action".
The ultimatum was contained within an announcement published in the Financial Express.
The lender is among 25 banks that granted loans to the yard.
ABG has been restructuring its finances in the shipping downturn, but TradeWinds reported last week that lenders were ready to sell off hulls to recover money.
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