Senior advocate Harish Salve informed the Supreme Court that he will be appearing in the ongoing Bank of Baroda case before the Abu Dhabi Global Market (ADGM) Courts.
While mentioning another case before the Supreme Court, Salve requested that the hearing be postponed to July because he will be busy with the Abu Dhabi trial during May and June. The matter was mentioned before a bench led by Chief Justice of India Surya Kant and Justice Joymalya Bagchi.
Salve told the court, “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.” He requested the court to adjust the schedule because of the overseas proceedings.
What is the Bank of Baroda Case?
The case relates to alleged financial irregularities in the overseas operations of Bank of Baroda. The issue became bigger after the collapse of NMC Healthcare in the United Arab Emirates.
NMC Healthcare was once one of the largest private healthcare providers in the Gulf region and was listed on the London Stock Exchange. In 2019, questions were raised about its financial disclosures. Later investigations revealed that the company had billions of dollars in undisclosed liabilities.
Due to these serious financial issues, trading in NMC shares was suspended in 2020. A case was then filed against NMC Healthcare in the Abu Dhabi Global Market Court.
What is the Current Status of the Case?
The ongoing case is a civil recovery proceeding. The aim is to recover money for the creditors who suffered losses after NMC’s collapse. The case will examine alleged misstatements and irregular financing arrangements that led to the company’s downfall. The litigation is expected to review the role of various financial institutions, including Bank of Baroda, in the period before NMC’s collapse.
Legal Representation
Bank of Baroda is being represented by Blackstone Chambers and Twenty Essex counsel in the Abu Dhabi proceedings. The bank’s advisors include Poovayya & Co, led by partner Dharmendra Chatur, and UK-based law firm Baker & McKenzie, who are also appearing on behalf of the bank.
The case is considered important not only financially but also in terms of reputation, given the scale of the NMC Healthcare collapse and the involvement of major financial institutions.
