Mumbai, May 19: Even as banks in United Arab Emirates are trying to trace NMC founder BR Shetty, a prominent bank in India is seeking to recover loans worth Rs19.13 billion from him and his companies.
A local court has also barred him and his wife from selling or transferring some properties while it hears the case.
In the court filing, the Bank of Baroda said Shetty had an obligation to handover the title deeds of the 16 properties and mortgage the assets with the bank.
The 16 properties in several Indian cities including Bengaluru were among guarantees put up by Shetty and his wife against the Rs19.13 billion ($253 million) loans, according to a May 16 court order seen by Reuters. The court in Bengalaru set the next hearing in the case for June 8.
NMC, the largest private healthcare provider in the UAE, was placed under administration in April after months of turmoil. It disclosed in March it had debts of $6.6 billion, well above earlier estimates of $2.1 billion.
Finablr, in which Shetty has a controlling stake, said in April it may have nearly $1 billion more in debt than previously reported.