The Debt Recovery Tribunal (DRT) has ordered sale of four rigs and a drilling equipment of Shiv-Vani Oil and Gas Exploration Services Ltd to pay off lenders.
DRT in an April 22 order "has directed sale of four rigs and one directional drilling equipment," the oil field services company said in a filing to the Bombay Stock Exchange (BSE).
The rigs were exclusively hypothecated with ICICI Bank Ltd and the concerned loan of USD 17.6 million will stand repaid to ICICI Bank with the sale of these assets, the debt-laden company said. It did not provide details of the outstanding debt.
