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Credit Europe Bank’s Dubai business has brought proceedings against NMC and BR Shetty for non-payment of $8.4m in outstanding debt relating to a 2013 facility © Reuters |
A Dubai court has issued a worldwide freezing order on the assets of NMC founder BR Shetty at the request of a Dutch bank, as creditors scramble to recover funds from the collapsed hospital operator.
Credit Europe Bank’s Dubai business has brought proceedings against NMC and Mr Shetty for non-payment of $8.4m in outstanding debt relating to a 2013 facility, according to recently unsealed court documents. It said roughly $25m in security cheques issued by Mr Shetty bounced.
The Indian entrepreneur argued he was not liable to repay because his signature in the lending agreements was forged and he never gave a personal guarantee or security cheques, the documents show — claims the bank disputed.
NMC was placed into administration in April as the healthcare group imploded amid accusations of fraud and the discovery of billions of dollars in unreported debt.
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