Mumbai, March 3 -- A London court has ruled in favour of IDBI Bank, directing a firm linked to former Aircel promoter Chinnakannan Sivasankaran to pay $143.7 million (about Rs.1,250 crore) towards principal and interest on a defaulted loan.

The dispute stems from a $67 million loan taken in 2014 by Axcel Sunshine Ltd, a British Virgin Islands-based subsidiary of Siva Industries and Holdings Ltd. Siva Industries had provided a letter of comfort for the loan, which was issued by the now-defunct Dubai International Financial Centre branch of IDBI Bank.

Sivasankaran is the promoter of the Siva Group, of which Siva Industries is a part. Axcel is a subsidiary of Siva Industries.

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