NMC Health Founder BR Shetty Sues Bank of Baroda for USD 15 Billion; Lender Issues Clarification
Bank of Baroda clarified it has not been served with any lawsuit following reports that NMC Health founder BR Shetty filed a USD 15 billion suit alleging fund diversion. The bank stated it will defend itself firmly if served. This follows a prior USD 600 million settlement by the lender to resolve disputes over NMC’s 2020 collapse.
Bank of Baroda has stated that it has not been formally served with any lawsuit, following media reports that NMC Healthcare and UAE Exchange founder BR Shetty has filed a USD 15 billion suit against the lender in the Bombay High Court. The development follows allegations that certain officials of the public sector bank colluded with former executives of the group to siphon off funds and facilitate financial transactions.
Bank Response and Legal Stance
Addressing the reports, Bank of Baroda emphasised that it cannot comment on untested claims prior to formal notification, while affirming its intention to protect its corporate interests. Hyundai Motor Group Pledges USD 15.5 Billion Investment in India Through 2032; Here's Why.
Bank of Baroda Clarifies Stance After NMC Health Founder's Lawsuit
https://t.co/9kyazPbjnc
— Bank of Baroda (@bankofbaroda) October 14, 2026
“Bank of Baroda has seen media reports of a suit said to have been filed by Dr. Bavaguthu Raghuram Shetty in the Bombay High Court on 13 October 2026. The Bank has not been served with such a suit and cannot comment on the contents of pleadings which are untested in court. If and when the Bank is served, the Bank will defend the suit firmly and take all steps necessary to protect its interests,” the bank stated.
The bank further added, "The Bank is itself pursuing recovery and enforcement proceedings in India and UAE against Dr. Shetty for outstanding dues of approximately INR 2,800 crore and has obtained several decrees against him. The High Court of Karnataka has also restrained Dr. Shetty from dealing with or alienating any of his assets in 2021. In subsequent proceedings before the National Company Law Tribunal, Dr. Shetty has asserted that he is insolvent and unable to meet the Bank's dues."
Background on NMC Health and Previous Settlements
NMC Healthcare collapsed in 2020 following the discovery of billions of dollars in undisclosed debt, leading to international insolvency proceedings across multiple jurisdictions. Bank of Baroda was a major lender to the group's UAE operations. Earlier, Bank of Baroda paid USD 600 million to settle disputes with joint administrators of NMC entities without any admission of liability or wrongdoing, concluding previous litigation and Abu Dhabi Global Market court proceedings.
(The above story first appeared on LatestLY on Oct 14, 2026 12:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
