India's Bank of Baroda to 'defend interests' after BR Shetty's $15bn lawsuit

India's Bank of Baroda has announced its intention to defend its interests following the filing of a $15 billion lawsuit by UAE-based businessman BR Shetty. Shetty claims that the bank and several of its employees facilitated a fraud that contributed to the collapse of the Middle East healthcare group NMC Health, which was placed under administration in 2020 due to financial mismanagement and debts exceeding $6.6 billion.

The bank has stated that it has not yet been served with the lawsuit and will defend itself firmly if served, taking all necessary steps to protect its interests. Bank of Baroda is also pursuing recovery proceedings against Shetty for outstanding dues of 28 billion rupees ($294.5 million) in both India and the UAE, having obtained several decrees against him.

The lawsuit centers on the bank's lending to NMC Health and affiliated entities in the UAE, and Shetty is seeking $5 billion in direct damages, $5 billion in consequential damages, and an additional $5 billion for reputational harm.

Brief written by urgent.news from The National UAE's own syndicated text. Machine-written — may contain errors; check the original before relying on it.