BANK OF BARODA TAKES ₹5,700 CR HIT IN NMC FRAUD RECKONING

State-owned Bank of Baroda (BoB) has agreed to pay $600 million (approximately ₹5,700 crore) to settle long-running litigation arising from the collapse of NMC Health, bringing to a close one of the most significant cross-border legal disputes involving an Indian lender.

- FPJ News Service

In a regulatory filing on Thursday, the bank said it had reached an out-of-court settlement with NMC Health PLC, NMC Healthcare Ltd and NMC Holding Ltd, along with their joint administrators. The payment was made through BoB's Abu Dhabi branch.

The dispute involved proceedings under the jurisdiction of the ADGM Courts, as well as proceedings under UK insolvency law and UAE civil law. The bank said all claims and causes of action between the parties had been resolved without any admission of liability or wrongdoing. Under the terms of the agreement, BoB's financial exposure is limited to the settlement amount, while all other terms remain confidential.