Bank of Baroda Settles NMC Health Litigation for $600 Million

Bank of Baroda has entered into an out-of-court settlement with the joint administrators of NMC Health PLC, NMC Healthcare Ltd, and NMC Holding Ltd, resolving litigation concerning these entities. The settlement involves a payment of US$ 600 million (approximately Rs. 5,700 crores) by Bank of Baroda's Abu Dhabi Branch. This agreement concludes all claims and causes of action between the parties without admission of liability or wrongdoing. The litigation involved proceedings before the Abu Dhabi Global Market Court of First Instance and the High Court of Justice in England & Wales. The settlement aims to avoid prolonged litigation, uncertainty, and associated costs, with the ADGM proceedings discontinued and English proceedings in the process of discontinuation.