Senior Advocate Harish Salve on Monday confirmed that he is appearing for Bank of Baroda in ongoing proceedings before the Abu Dhabi Global Market Courts, describing the matter as “a great reputational matter for us.”.Salve told the Supreme Court that he would be representing the bank and it is a case of "great reputational matter for us.”During the mentioning of another case before a bench of Chief Justice of India (CJI) Surya Kant and Justice Joymalya Bagchi in the Supreme Court, Salve sought accommodation on account of the Abu Dhabi trial schedule.“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,” said Salve.The proceedings before Abu Dhabi concern alleged financial irregularities linked to the bank’s Abu Dhabi operations, raising significant regulatory and reputational ramifications for the institution.It is part of a much larger, high-stakes civil dispute, stemming from alleged fraud linked to the collapse of NMC Healthcare in the UAE..The case stems from the collapse of NMC Healthcare, once one of the Gulf’s largest private healthcare providers and a London-listed company.In 2019, questions were raised about NMC’s finances, with allegations that the company had significantly understated its debt and presented a misleading picture of its true financial position. Subsequent disclosures revealed billions of dollars in previously undisclosed liabilities, leading to a trading suspension and the company’s entry into administration in 2020 under the Abu Dhabi Global Market Courts framework.Administrators later initiated civil proceedings to recover funds for creditors, focusing on alleged fraudulent misstatements and irregular financing arrangements tied to the collapse.The proceedings involving Bank of Baroda form part of this broader litigation landscape, which seeks to examine the role of various financial institutions and other entities in connection with NMC’s financing arrangements prior to its collapse..Bank of Baroda is being represented in the Abu Dhabi proceedings by counsel from Blackstone Chambers and Twenty Essex. The Indian firm Poovayya & Co is advising on the matter, with the team led by Partner Dharmendra Chatur. The UK firm Baker & McKenzie is also representing the bank, with the team led by Hugh Lyons and Henry Garfield..[Live Coverage].Follow Bar and Bench channel on WhatsAppDownload the Bar and Bench Mobile app for instant access to the latest legal news.
