Barclays wins $131 million lawsuit against BR Shetty

Team Udayavani, Jan 11, 2022, 5:57 PM IST

Indian-born businessman BR Shetty, the Founder of Dubai-based NMC Health failed to get solace from a London court in connection with the lawsuit filed by Barclays Plc.

Shetty approached a London court after a Dubai court had ordered him to pay $131 million to Barclays for failing to meet transaction agreement with the British bank in 2020. During the hearing, Shetty’s counsel contended that he is “financially paralyzed” and sought adjournment of the lawsuit against him so he could get proper legal representation. The judge dismissed that application on Monday.

Earlier last year, UAE had ordered to freeze all of Shetty’s bank accounts. The 79-year-old is currently stranded in India.

As part of this case, Barclays had obtained a worldwide freezing order against Shetty, including against a London property.

Shetty’s counsel informed that they would appeal against the court judgment. It must be noted that the Barclays lawsuit against Shetty isn’t related to NMC Health.