Creditors of struggling ABG Shipyard have said they will pursue funds through a debt recovery tribunal.
Sources from Indian banks told the Financial Express that the shipbuilder's INR 100bn ($1.51bn) loan restructuring through India's corporate debt restructuring (CDR) process has failed.
The refinancing was cleared by a group of 22 lenders in 2014.
But the sources said ABG has since been unable to allocate adequate equity as part of the process
The yard was given 10 years to repay, with a two-year moratorium on interest payments.
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