In the ongoing Bank of Baroda case in Abu Dhabi Global Market Courts, senior advocate Harish Salve told the Supreme Court that he would be appearing, as it is a matter of “a great reputational matter for us”. While discussing another matter, senior advocate Harish Salve requested the SC to defer a matter to July, as he will be engaged in the Abu Dhabi trial scheduled for May and June.
Salve mentioned the case before the bench led by Chief Justice of India Surya Kant and Justice Joymalya Bagchi, and requested accommodation due to the scheduled overseas proceedings. “Let it be in July. The trial in Abu Dhabi is slated for May and June. They will have a heart attack if I am not there,” Salve told the court.
What is the Bank of Baroda case?
This proceeding relates to alleged financial irregularities in the overseas operations of Bank of Baroda. After the collapse of NMC Healthcare in the United Arab Emirates, this matter has become a much larger civil dispute with significant regulatory and reputational implications.
In 2019 NMC Healthcare, which was listed among the largest private healthcare providers in the Gulf and on the London Stock Exchange, came under scrutiny due to its financial disclosures. Subsequent investigation disclosed billions of dollars in undisclosed liabilities, leading to the suspension of trading in 2020 and a case filed against NMC Heal in the Abu Dhabi Global Market Court. When later investigated it was disclosed that billions of dollars were undisclosed liabilities, this led to the suspension of trading in 2020 and a case filed against NMC Heal in the Abu Dhabi Global Market Court.
What is the status of the BOB case?
A civil recovery proceeding aims to recover the creditors’ funds. This case primarily concerns misstatements and irregular financing arrangements that led to NMC’s collapse. This litigation will examine all financial institutions including BOB prior to NMC’s downfall.
Bank of Baroda is represented by Blackstone Chambers and Twenty Essex counsel. Advisors for this matter are Poovayya & Co, led by partner Dharmendra Chatur, and Baker & McKenzie, a UK-based firm, who are also appearing on behalf of Bank of Baroda.
