The story so far: Bank of Baroda, the second largest Public Sector Bank on Thursday (July 2, 20260 informed stock exchanges that it had paid $600 million (about ₹5,700 crore) to settle litigation initiated by the administrators of NMC Health Plc, NMC Healthcare Ltd and NMC Holding Ltd. This ends one of the largest cross-border banking disputes involving an Indian lender. The settlement also brings to an end years of litigation in the Abu Dhabi Global Market (ADGM) courts and the High Court of England and Wales arising from the collapse of UAE-based B.R. Shetty led healthcare giant in 2020. The out of court settlement has been reached without any admission of liability or wrongdoing by Bank of Baroda.
In 2020 Abu Dhabi’s largest healthcare provider NMC Healthcare founded by India-born entrepreneur B.R. Shetty collapsed after undisclosed debt running into billions of dollars was reportedly uncovered and soon after it entered administration. Its administrators had mounted civil recovery proceedings against several parties they believed had contributed to the company’s collapse including that of Bank of Baroda.
