Bank of Baroda on Thursday said it has entered into an out-of-court settlement with the joint administrators of NMC Health PLC and its group entities, bringing to a close long-running insolvency and civil proceedings in overseas courts.
“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,” Bank of Baroda said in its exchange filing.
In a regulatory filing, the lender said the disputes have been resolved in consideration of a payment of $600 million (around ₹5,700 crore), which has been settled by its Abu Dhabi branch. The settlement covers proceedings before the Abu Dhabi Global Market Court of First Instance as well as the High Court of Justice in England and Wales.
The litigation related to claims under UK insolvency law, ADGM regulations and UAE civil law involving NMC Health PLC, NMC Healthcare Ltd and NMC Holding Ltd, along with their joint administrators. The trial in the ADGM proceedings had commenced in March 2026, while the English proceedings were stayed pending its outcome.
Bank of Baroda said all claims and causes of action between the parties have been resolved without any admission of liability or wrongdoing, and its liability in these proceedings is limited to the settlement amount. Following the agreement, the ADGM proceedings have been discontinued, and the English proceedings are in the process of being withdrawn.
The bank said the settlement is to bring the disputes to conclusion, thereby avoiding prolonged litigation, uncertainty and associated cost.
