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Bank of Baroda settles NMC Health litigation for $600 million
Abu Dhabi branch resolves insolvency claims filed by joint administrators, bringing years-long legal proceedings in ADGM and UK courts to a close
- PUBLISHED: Fri 3 Jul 2026, 8:10 PM
Bank of Baroda has reached an out-of-court settlement with the joint administrators of NMC Health, agreeing to pay $600 million (Dh2.2 billion) to resolve long-running insolvency and civil litigation linked to the collapsed Abu Dhabi-based healthcare group.
The settlement, disclosed in a regulatory filing to India's BSE and National Stock Exchange dated July 2, 2026, was concluded and paid by the bank's Abu Dhabi branch. It brings to an end two sets of proceedings: one before the Abu Dhabi Global Market (ADGM) Court of First Instance and another before the High Court of Justice of England and Wales.
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The ADGM case was brought by NMC Healthcare and NMC Holding, both in administration, along with joint administrators Richard Fleming and Benjamin Cairns, against Dr BR Shetty, former chief executive Prasanth Manghat, and Bank of Baroda.
A parallel case in England was filed by NMC Health PLC and its joint administrators against the same three parties.
According to the bank's filing, the proceedings related to matters under ADGM and UK insolvency law as well as UAE civil law involving the three NMC entities. The trial in the ADGM proceedings began on March 23, 2026, while the English case had been stayed pending its outcome.
NMC Health collapsed into administration in 2020 after the discovery of more than $4 billion in undisclosed debt, triggering a wave of litigation across UK and UAE jurisdictions against former executives and lending banks involved with the group.
Terms of the settlement
Under the settlement agreement, Bank of Baroda's total liability in the matter is capped at $600 million, with all claims and causes of action between the parties resolved without any admission of liability or wrongdoing by the bank. The broader terms of the agreement remain confidential.
Following the settlement, the ADGM proceedings have been discontinued, while the English proceedings are in the process of being withdrawn.
In the filing, the bank said the settlement was intended to bring the disputes to a conclusion and avoid prolonged litigation, associated uncertainty and further legal costs.
