<a href="https://www.mid-day.com/business/business-news/article/bank-of-baroda-initiates-forensic-investigation-on-alleged-data-leak-says-core-systems-secure-23641842" target="_blank" rel="none noopener">Bank of Baroda (BoB)</a> on Wednesday said it has not been served with any lawsuit by UAE-based Bavaguthu Raghuram Shetty amid reports that the businessman has sought USD 15 billion in damages for the collapse of his group.
However, if a lawsuit is served, the bank will defend it firmly and take all steps necessary to protect its interests, the lender said.
The clarification comes amid reports that a lawsuit was filed by Shetty in the Bombay High Court on October 13, seeking USD 15 billion in damages.
Shetty, founder of NMC Health, reportedly alleged that Bank of Baroda, several of its officials and others, helped facilitate transactions that led to the collapse of his business.
UAE-based healthcare provider NMC Health was declared insolvent in 2020 after it was found that it had hidden more than USD 4 billion in debt.
Besides BoB, other creditors to the company were Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, among others.
Responding to reports, the lender in a stock exchange filing said, "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".
Shares of the bank were trading 3.51 per cent lower at Rs 229.25 on the BSE in the afternoon trade.
Earlier in July, <a href="https://www.mid-day.com/business/business-news/article/bank-of-baroda-forecasts-indias-gdp-growth-at-69-for-q2-fy25-higher-than-q1s-67-23427518" target="_blank" rel="none noopener">Bank of Baroda</a> stated that it has reached an out-of-court settlement with NMC Health PLC, NMC Healthcare Ltd, and NMC Holding Ltd, with USD 600 million (about Rs 5,700 crore) paid through its Abu Dhabi branch.
The case involved proceedings under Abu Dhabi Global Market (ADGM) and UK insolvency regulations, and UAE civil law in relation to NMC Health PLC, NMC Holding Ltd and NMC Healthcare Ltd, the bank had said.
The litigation stemmed from the collapse of NMC Health, once the Gulf's largest private healthcare provider, which entered administration in 2020 after billions of dollars of previously undisclosed debt came to light.
The joint administrators subsequently initiated proceedings in Abu Dhabi and England against NMC founder BR Shetty, former Chief Executive Officer Prasanth Manghat and Bank of Baroda under ADGM and UK insolvency laws, as well as UAE civil law.
<a href="https://www.mid-day.com/business/business-news/article/bank-of-baroda-to-hire-2482-officers-across-20-states-and-uts-to-meet-local-language-needs-23647639" target="_blank" rel="none noopener">Bank of Baroda</a> has denied the allegations, and the settlement expressly stated that the claims have been resolved without any admission of liability or wrongdoing.
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The clarification comes amid reports that Shetty filed a suit in the Bombay High Court on October 13, seeking USD 15 billion in damages

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The clarification comes amid reports that a lawsuit was filed by Shetty in the Bombay High Court on October 13, seeking USD 15 billion in damages

Bank of Baroda denies BR Shetty's USD 15-billion suit reports

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