State-owned Bank of Baroda has reached an out-of-court settlement worth USD 600 million, approximately ₹5,700 crore, with the joint administrators of NMC Health PLC, NMC Healthcare Ltd and NMC Holding Ltd. The payment has been made through the bank’s Abu Dhabi Branch, bringing years of insolvency and civil proceedings before courts in Abu Dhabi and England closer to a final resolution.
Settlement Ends Long-Running Dispute
According to the bank’s regulatory filing, the settlement is intended to resolve all claims and legal disputes arising from proceedings before the Abu Dhabi Global Market and the High Court of Justice in England & Wales.
The dispute relates to the collapse of NMC Health, once one of the UAE’s largest private healthcare providers. The group came under scrutiny in 2020 after allegations emerged that billions of dollars in liabilities had been concealed from its financial statements. Bank of Baroda became involved in subsequent proceedings as its overseas branches had extended credit facilities to the group.
No Admission of Liability
Bank of Baroda has stated that the settlement does not amount to an admission of liability, negligence, fraud, misconduct or wrongdoing. The agreement includes a “No Admission of Liability” clause, under which the bank has agreed to make the payment solely to resolve the disputes.
The bank said its liability in the proceedings is limited to the USD 600 million settlement amount. It has also clarified that the remaining terms of the agreement will remain confidential and will not be publicly disclosed.
Proceedings Being Discontinued
Following the agreement, proceedings before the Abu Dhabi Global Market have been formally discontinued. Related proceedings before the High Court of Justice in England & Wales are also in the process of being discontinued.
The litigation involved cases before the Abu Dhabi Global Market Court of First Instance and the High Court of Justice in England & Wales. The ADGM trial had commenced on March 23, 2026, while the English proceedings had remained stayed pending the outcome of the ADGM case.
With the settlement now in place, all claims and causes of action covered by the agreement will be treated as fully and finally resolved between the parties. Banking and legal experts view such settlements as practical in complex cross-border financial disputes, helping institutions avoid prolonged litigation, uncertainty and legal costs.
