The case involved proceedings under Abu Dhabi Global Market (ADGM) and UK insolvency regulations, and the UAE civil law in relation to NMC Health PLC, NMC Holding Ltd and NMC Healthcare Ltd, the bank said in a stock exchange filing.
“NMC Health PLC, NMC Healthcare Ltd, NMC Holding Ltd, and their respective Joint Administrators, have resolved the claims between them and the Bank of Baroda in consideration for, inter alia, payment by Bank of Baroda of USD600 million, pursuant to a settlement agreement,” it said.
All claims, causes of action, etc. between them have been resolved without admission of liability or wrongdoing, the bank said.
The settlement agreement and its terms otherwise remain confidential, it said, adding that the liability of the bank in these proceedings is limited to this sum.
“Pursuant to the settlement agreement, the ADGM proceedings have been discontinued. The English Proceedings are in the process of being discontinued,” it said.
The Administrators of entities within the NMC Group have filed legal proceedings against Dr. BR Shetty, Mr. Prashant Manghat, and Bank of Baroda, before the Abu Dhabi Global Market (“ADGM”) Court of First Instance and England & Wales High Court arising out of their insolvency, according to Bank of Baroda’s annual report.