The case involved proceedings under ADGM and UK insolvency law, and UAE civil law in relation to NMC Health PLC, NMC Holding Ltd and NMC Healthcare Ltd. All claims, causes of action, etc. between them have been resolved without admission of liability or wrongdoing.
FinTech BizNews Service
Mumbai, July 2, 2026: Bank of Baroda agreed to pay $600 million (approximately Rs 5700 Cr) to the administrators of the West Asian healthcare group NMC Health in an out of court settlement. The said settlement is to bring the disputes to conclusion thereby avoiding prolonged litigation, uncertainty and associated cost.
In an intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Settlement of Litigation; the Bank of Baroda has informed that an out of court settlement was entered into with the joint administrators of NMC Health PLC, NMC Healthcare Ltd and NMC Holding Ltd, and the payment has been settled by its Abu Dhabi Branch. Details are as under:
Case Nos. ADGMCFI-2022-299 & ADGMCFI2020-020 before the Abu Dhabi Global Market Court of First Instance – (1) NMC Healthcare LTD (in administration) (subject to a deed of company arrangement), (2) NMC Holding Ltd (in administration) and (3) Richard Fleming and Benjamin Cairns v (1) Dr BR Shetty, (2) Prasanth Manghat and (3) Bank of Baroda (the "ADGM Proceedings") Case No. BL-2022-002097 before the High Court of Justice, England & Wales – (1) NMC Health PLC (in administration) and (2) Richard Fleming, Mark Firmin and Benjamin Cairns as Joint Administrators of NMC Health PLC v (1) Dr BR Shetty (2) Prasanth Manghat and (3) Bank of Baroda (the "English Proceedings")
Nature of Litigation: Insolvency and Civil Proceedings
Court/tribunal/agency: Abu Dhabi Global Market Court of First Instance and High Court of Justice of England & Wales.
Brief Details of Litigation: The case involved proceedings under ADGM and UK insolvency law, and UAE civil law in relation to NMC Health PLC, NMC Holding Ltd and NMC Healthcare Ltd. The trial in the ADGM Proceedings commenced on 23rd March 2026. The English Proceedings were stayed to await the outcome of the ADGM Proceedings.
Details of settlement: NMC Health PLC, NMC Healthcare Ltd, NMC Holding Ltd, and their respective Joint Administrators, have resolved the claims between them and the Bank of Baroda in consideration for, inter alia, payment by Bank of Baroda of US$ 600 million, pursuant to a settlement agreement. All claims, causes of action, etc. between them have been resolved without admission of liability or wrongdoing. The settlement agreement and its terms otherwise remain confidential. The liability of the bank in these proceedings is limited to this sum.
Pursuant to the settlement agreement, the ADGM have been discontinued. The English Proceedings are in the process of being discontinued
Settlement Amount: USD 600,000,000 (United States Dollars Six Hundred Million) (equivalent to Rs. 5,700 crores appx.
