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Dubai Islamic Bank, NMC Healthcare Reach Out-of-Court Settlement for All Litigation

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Staff Writer, TLR

Published on March 20, 2024, 16:21:39

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Dubai Islamic Bank, NMC, court agreement, litigation

Dubai Islamic Bank (DIB) and NMC Healthcare group have reached an out-of-court agreement to resolve all ongoing litigation, as announced in a joint statement on NMC's website. This settlement extends to all legal disputes involving third parties worldwide.

As part of this comprehensive resolution, DIB will receive cash consideration and Holdco notes to settle specific claims. The Holdco notes, issued to legacy creditors in NMC HoldCo SPV Ltd., represent an exchange for their acknowledged claims.

NMC, a prominent UAE-based healthcare provider established by Indian entrepreneur BR Shetty, was placed in administration in 2020 after disclosing over $4 billion in debt.

Under the terms of the settlement, DIB will become an economic owner of NMC Holdco SPV LTD, the new holding company of NMC, incorporated in the Abu Dhabi Global Market (ADGM), pursuant to a deed of company arrangement outlined in the joint statement.

Furthermore, the agreement mandates the discontinuation of all ongoing legal proceedings among the involved parties, with no admission of liability.

NMC Holdco possesses the restructured NMC operating entities through its wholly owned subsidiary, NMC Opco Ltd, also incorporated in the ADGM. NMC Opco oversees and manages 85 healthcare facilities across the UAE and the wider region.

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