Bank of Baroda to pay ₹5,700 crore to settle cases against NMC Health

Public sector Bank of Baroda has said that it will pay $600 million (₹5,700 crore) to settle two disputes before an Abu Dhabi court, involving the bankrupt NMC Healthcare, NMC Holding, and its joint administrators Richard Fleming and Benjamin Cairns versus Dr B.R. Shetty, Prasanth Manghat and Bank of Baroda.

Trials in the ADGM (Abu Dhabi Global Market) Proceedings began on 23 March, while the English Proceedings were stayed to await the outcome of the ADGM Proceedings.

Bank of Baroda has now said that all claims are resolved through settlement without admission of liability or wrongdoing, and through payment by Bank of Baroda of $600 million.

“The settlement agreement and its terms otherwise remain confidential,” the bank has added in its statement.

The ADGM Proceedings are discontinued since the settlement, and the English Proceedings are in the process of being discontinued.

In its 2025-26 annual report Bank of Baroda had said “that NMC’s insolvency is said to have arisen due to discovery of fraud perpetrated by shareholders, senior management and employees of the group between the years 2012-2020”.

The ADGM proceedings included insolvency and civil claims under ADGM and UAE law in relation to losses that gathered due of an alleged fraud.

The Bank had denied all allegations made against it.