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BR Shetty, the founder of NMC Health, has been ordered by a Dubai court to pay $106 million to India’s Icici Bank over personal guarantees tied to the embattled hospital group. This follows a previous court ruling, which ordered Shetty to pay $33 million to Bank of Baroda. The debts are linked to the collapse of NMC Health in 2020, which revealed $6.6 billion in hidden debt across 75 facilities from over 80 financial institutions.
The Dubai International Financial Centre (DIFC) Courts found Shetty personally liable for debts tied to three NMC Healthcare credit facilities. The court rejected Shetty’s claim that the signatures on the guarantees were forgeries, citing expert forensic analysis and witness testimony from the bank’s executives. Shetty, who has faced multiple legal battles, had argued he was unaware of the guarantees and that his signature had been misused.
NMC Health was placed into administration in 2020, triggering multiple lawsuits and regulatory investigations in the UAE, India, and the UK. Icici Bank had sought over $125 million from Shetty, and the court’s ruling allows both sides to submit arguments on interest and legal costs within 28 days. Shetty, once one of the UAE’s most prominent businessmen, has denied wrongdoing and claimed he was a victim of fraud within NMC.
The case is part of the ongoing fallout from NMC Health’s collapse, and the company has been seeking a buyer. However, the process has been challenging, with Abu Dhabi-based PureHealth Holding recently abandoning talks to acquire NMC due to disagreement over price. NMC Healthcare operates 85 medical facilities across the UAE and has been seeking a buyer. Despite efforts to restructure debt and rebrand, the company has yet to secure a buyer.