The legal war escalated Thursday. The Bombay High Court issued formal notice to state-run lender Bank of Baroda over a staggering $15 billion civil damages lawsuit brought by BR Shetty, the founder of collapsed hospital chain NMC Healthcare.
Shetty's counsel moved swiftly. Senior Advocate Zal Adhyarujina and Waseem Pangarkar of MZM Legal LLP mentioned the matter before Justice Arif Doctor, seeking urgent interim orders to preserve sensitive financial records held in the state-run bank's vaults. The court allowed the urgent mentioning and directed that notice be served on the lender.
Shetty named Bank of Baroda alongside 25 other defendants in the cross-border dispute. The claims seek $15 billion in compensation for alleged financial irregularities, contested corporate guarantees, the diversion of corporate capital, and catastrophic reputational damage. The suit also challenges the lender’s internal credit decisions and its handling of multimillion-dollar transactions tied to Shetty-linked entities, including remittance operator UAE Exchange.
Bank of Baroda pushed back immediately. In an October 29 regulatory filing submitted to stock exchanges, the state-run lender disclosed that it had not yet formally received the suit or the interim applications, noting the filings appeared stuck in court scrutiny. The bank slammed the timing of the litigation, asserting that unknown parties selectively leaked details on the eve of its quarterly financial earnings with malicious intent, and stated it would pursue appropriate counter steps.
Now, the clock is ticking for both sides. Justice Doctor listed the matter for November 19, when the court will rule on Shetty’s interim application to freeze and protect the bank's transaction records.