The settlement relates to proceedings before the Abu Dhabi Global Market Court of First Instance and the High Court of Justice of England and Wales, both linked to the insolvency proceedings involving the NMC group.
According to the filing, the agreement resolves all claims and causes of action between the parties without any admission of liability or wrongdoing by either side. The lender added that all other terms of the settlement remain confidential.Bank of Baroda said its financial obligation under the litigation is restricted to the agreed settlement amount, which has already been paid through its Abu Dhabi branch.
Following the agreement, proceedings before the Abu Dhabi Global Market Court have been discontinued, while the process to withdraw the case before the English court is underway.
The bank said the settlement was reached to bring the dispute to a close and avoid prolonged litigation, uncertainty and the costs associated with continuing legal proceedings.
