The Bombay High Court has issued a notice to Bank of Baroda (BoB) in connection with a $15 billion damages lawsuit filed by B.R. Shetty, founder of NMC Healthcare and UAE Exchange. The development came on November 5, 2026, after Shetty’s lawyers sought urgent interim directions to preserve the bank’s records and electronic data connected to the dispute.
The court directed that Bank of Baroda be served with notice and listed the matter for November 19, when it is expected to consider Shetty’s interim relief application. The lawsuit names the public sector lender and 25 other defendants and alleges financial irregularities, collusion and negligence connected to the collapse of NMC Healthcare. These allegations have not been established in court, and Bank of Baroda has said it will defend its interests.
Bombay High Court Issues Notice to Bank of Baroda
The matter was mentioned before Justice Arif Doctor of the Bombay High Court on November 5. Senior Advocate Zal Adhyarujina and Waseem Pangarkar, representing Shetty, sought urgent intervention to preserve records held by Bank of Baroda.
The lawyers requested that the bank’s relevant documents and electronic records be protected while the lawsuit proceeds. The court permitted the urgent mentioning and directed that notice be served on the lender.
The next hearing is scheduled for November 19, when the court is expected to consider the interim applications.
A court notice is a procedural step that gives the opposing party an opportunity to respond. It does not mean that the court has accepted Shetty’s allegations or found Bank of Baroda responsible for the claimed losses.
Why B.R. Shetty Is Seeking $15 Billion in Damages
B.R. Shetty filed the commercial suit in the Bombay High Court on October 13, 2026, seeking $15 billion in damages from Bank of Baroda and 25 other defendants.
The claim is divided into three broad categories:
| Damages claimed | Amount |
|---|---|
| Direct damages for alleged fraud and negligence | $5 billion |
| Consequential losses, including loss of opportunity | $5 billion |
| Reputational damage and loss of goodwill | $5 billion |
| Total claim | $15 billion |
Shetty has also sought interest at 18% per annum on the first $10 billion.
The lawsuit names Bank of Baroda, several current and former bank officials, former NMC executives and other individuals and companies.
According to the allegations in the suit, certain former executives of the NMC group diverted funds through corporate and personal accounts, concealed liabilities and used documents containing signatures that Shetty says were forged.
He claims that Bank of Baroda, which had lending relationships with NMC-related entities, facilitated or failed to prevent certain transactions despite warning signs.
The allegations include claims that the bank ignored anti-money-laundering alerts, extended credit without adequate security, facilitated transactions allegedly involving round-tripping and accepted disputed guarantees.
Shetty maintains that he relinquished control of the group companies in 2012 and stepped down as CEO in March 2017. He alleges that he subsequently faced liabilities arising from guarantees that he says he never signed.
These are claims made by the plaintiff and remain subject to judicial examination.
Shetty Seeks Preservation of Bank Records and Electronic Data
The November 5 court development follows two interim applications filed by Shetty on October 29.
One application seeks security for the $15 billion damages claim. It asks the court to direct Bank of Baroda to furnish security for the amount or, alternatively, earmark a corresponding provision or reserve in its financial statements, or disclose the claim as a contingent liability.
The second application seeks disclosure and preservation of documents that could be relevant to the allegations.
Among the requested measures are:
- Preservation of the bank’s relevant electronic records and communications.
- Disclosure of documents relating to the disputed lending and transactions.
- Access to records concerning the NMC-related proceedings in Abu Dhabi.
- Preservation of information held in core banking, trade finance and SWIFT systems.
- Forensic imaging of relevant electronic records, subject to court directions.
- Preservation of documents relating to the disputed guarantees and signatures.
Shetty has also sought documents concerning Bank of Baroda’s earlier $600 million settlement with NMC’s joint administrators.
The applications seek to protect potentially relevant evidence while the parties prepare their legal arguments. The court has yet to determine whether the requested interim measures should be granted.
Bank of Baroda Says Allegations Are Unproven
Bank of Baroda previously informed stock exchanges that it had not been formally served with the commercial suit or the interim applications.
In its October 14 disclosure, the bank said it had seen media reports about the lawsuit but could not comment on pleadings that had not been received or tested in court. It said it would firmly defend itself and take necessary steps to protect its interests if formally served.
In a subsequent statement, the lender also said that the proceedings appeared to be awaiting scrutiny or registration on the Bombay High Court’s website.
The November 5 direction to serve notice marks a procedural development in that situation. The bank will now have an opportunity to respond through the legal process.
The lender has also maintained that it is pursuing recovery proceedings against Shetty in India and the UAE over approximately ₹2,800 crore in outstanding dues. Reuters reported that the bank had obtained several decrees in those proceedings.
How the Lawsuit Is Connected to NMC Healthcare’s Collapse
The dispute has its roots in the collapse of NMC Healthcare, once one of the largest private healthcare groups operating in the United Arab Emirates.
NMC entered administration in 2020 after the discovery of substantial undisclosed debt. Its collapse triggered investigations, insolvency proceedings and legal disputes involving lenders, administrators, former executives and other parties.
Bank of Baroda was among the financial institutions connected to the group’s banking relationships.
The lender subsequently faced claims from NMC’s joint administrators in proceedings before the Abu Dhabi Global Market courts. Those claims included allegations concerning the bank’s handling of transactions and its anti-money-laundering and customer-verification processes.
In June 2026, Bank of Baroda agreed to pay approximately $600 million to settle the dispute with NMC’s administrators. The settlement was disclosed in July and resolved the relevant claims without an admission of liability or wrongdoing by the bank.
Shetty’s separate $15 billion lawsuit is connected to the broader NMC dispute but is not the same proceeding as the administrators’ case.
Why the $600 Million Settlement Matters
The earlier settlement has become an important part of Shetty’s interim applications.
He is seeking disclosure of the settlement agreement, related board records, accounting documents and communications connected to the resolution.
His application argues that these records are relevant to understanding the bank’s earlier position and its handling of the NMC-related transactions.
Bank of Baroda, however, has not accepted the allegations in Shetty’s lawsuit. The $600 million settlement with the administrators was reached without an admission of liability, and it should not be interpreted as proof of the separate allegations made by Shetty.
The two matters involve overlapping historical events but have different claimants and legal issues.
The Bigger Picture
The case brings renewed attention to the cross-border legal fallout from NMC Healthcare’s collapse. The dispute involves banking relationships, alleged fund diversion, disputed personal guarantees and the responsibilities of financial institutions when handling transactions involving large corporate groups.
For Bank of Baroda, the immediate issue is responding to the lawsuit and the requests for interim relief. For Shetty, the next stage involves seeking access to records and pursuing his substantial damages claim. The court’s handling of the interim applications could shape how evidence is preserved and disclosed during the proceedings.
Looking Ahead
The next important date is November 19, 2026, when the Bombay High Court is expected to consider Shetty’s interim applications. The proceedings could address the preservation of electronic records, disclosure of documents and the request for security or financial disclosure relating to the $15 billion claim. Bank of Baroda’s formal response will also be important in understanding how the lender contests the allegations.
For now, the $15 billion remains a claim rather than an established liability. The court has issued notice, but it has not ruled on the merits of the lawsuit or ordered the bank to pay damages. The eventual outcome will depend on the evidence presented, the bank’s defence and the court’s findings as the case progresses.
Get the day’s top stories in your inbox
One concise email. No spam, unsubscribe anytime.
