Bank of Baroda vows to defend $15 bn suit filed by Shetty over NMC collapse

On October 13, 2026, BR Shetty, founder of NMC Healthcare, filed a $15 billion lawsuit against Bank of Baroda (BoB) in the Bombay High Court, alleging that the bank and former executives of the business group contributed to the collapse of NMC Healthcare. Shetty's suit seeks $5 billion in direct damages, $5 billion in consequential damages, $5 billion in compensation for reputational harm, and 18% interest on the first $10 billion.

The bank, in an exchange filing, stated that it had been made aware of the lawsuit and would defend it firmly, taking all necessary steps to protect its interests. The bank noted that it had not yet been served with the suit and could not comment on the contents of the pleadings. Earlier this year, a significant cross-border legal dispute between BoB and the NMC group of companies in the UAE was resolved through a settlement agreement, with BoB paying $600 million to end the proceedings.

This settlement led to the discontinuation of related proceedings in both Abu Dhabi Global Market (ADGM) and English courts.