Bank of Baroda on Wednesday said it will vigorously defend the suit filed by NMC founder BR Shetty in the Bombay High Court. Shetty has sought damages of $15 billion for alleged fraud with group companies. The statement said the bank will vigorously defend the case and take all necessary steps to protect its interests. The state-owned bank said it had not yet been notified of the lawsuit and could not comment on claims that have not yet been examined in court.

In a statement, Bank of Baroda said the matters mentioned in the media reports are also part of the ongoing proceedings at the Abu Dhabi Global Market (ADGM) Court. There, judgment was reserved against Shetty and former NMC Healthcare CEO Prashant Mangat in proceedings related to allegations of fraud, unfair trading and fraudulent trading. The bank said ADGM proceedings against it were discontinued following an agreement with the joint administrators of NMC Group.

Bank of Baroda in action

Bank of Baroda said it is pursuing separate proceedings against Shetty in India and the UAE for recovery and enforcement of the outstanding amount. The bank said that the bank itself Dr. From Shetty about Rs. 2,800 crores are proceeding to recover and enforce the dues and have obtained several orders (hukams) against them. The bank also said the Karnataka High Court had barred Shetty from dealing or transferring his assets to anyone else in 2021.

According to the statement, in further proceedings before the National Company Law Tribunal (NCLT), Shetty claimed that he was insolvent and unable to pay bank dues. The bank further said that Shetty had earlier filed a suit against it in the New York State Supreme Court, making similar allegations as in the Bombay High Court case. That suit was dismissed in July 2024.

Made big allegations

In her suit filed in the Bombay High Court, Shetty has sought damages of $5 billion for direct damages, consequential damages and alleged damage to reputation, taking the total claim to $15 billion or about Rs 1.44 lakh crore. The complaint alleges that the bank and some of its officials helped divert funds from NMC group companies. In this, the reliance placed by the bank on personal guarantees and other such documents, which Shetty claims bear forged signatures, has also been challenged. These allegations have not yet been proven in court.

What else did Shetty complain about?

The complaint also mentions the settlement between the joint administrators of Bank of Baroda and NMC group companies. According to Shetty’s filing, the bank agreed to pay around $600 million (roughly Rs 5,700 crore) under a settlement stated in July 2026, in which it did not accept any liability. Shetty contends that he was not part of this settlement and that it has no effect on his separate claims.

Shetty has also sought disclosure of interim measures related to banking records, security of electronic evidence and certain assets in India. These demands are made by the plaintiff (plaintiff) and should not be construed as orders given by the court. Bank of Baroda has said it will continue to work on its legal strategy and take all necessary steps to protect its interests.