Senior Advocate Harish Salve informed the Supreme Court of India that he represents Bank of Baroda before the Abu Dhabi Global Market Courts, calling it a major reputational matter, and sought scheduling accommodation from CJI Surya Kant and Justice Joymalya Bagchi.
NEW DELHI: Senior Advocate Harish Salve confirmed that he is representing Bank of Baroda in ongoing proceedings before the Abu Dhabi Global Market Courts, referring to the case as “a great reputational matter for us.”
During a mention of another case before a bench of Chief Justice of India (CJI) Surya Kant and Justice Joymalya Bagchi in the Supreme Court, Salve requested accommodation due to the Abu Dhabi trial schedule.
He stated,
“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.”
The proceedings in Abu Dhabi involve alleged financial irregularities related to the bank’s operations in the region, which carry significant regulatory and reputational implications for the institution.
This matter is part of a larger, high-stakes civil dispute connected to claims of fraud related to the collapse of NMC Healthcare in the UAE.
The case originates from the downfall of NMC Healthcare, once one of the Gulf region’s largest private healthcare providers and a company listed in London. In 2019, concerns were raised regarding NMC’s finances, with allegations that the company had greatly understated its debt and misrepresented its actual financial status.
Following these disclosures, billions of dollars in previously undisclosed liabilities came to light, leading to a suspension of trading and the company’s administration in 2020 within the framework of the Abu Dhabi Global Market Courts.
Administrators subsequently initiated civil proceedings to recuperate funds for creditors, concentrating on alleged fraudulent misstatements and irregular financing practices related to the company’s downfall.
The proceedings involving Bank of Baroda are part of this extensive litigation framework, which aims to investigate the role of various financial institutions and other parties concerning NMC’s financing arrangements prior to its collapse.
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