Khaberni - The courts of the Dubai International Financial Centre issued a judicial ruling obliging the founder of "NMC Group," B.R. Shetty, to repay an amount of $45.94 million (approximately AED 168.59 million) in favor of the State Bank of India, including the principal and accrued interest up to the trial date on September 29 last year.
According to the ruling published on the official website of the courts, the bank is entitled to an annual interest of 9% on the total amount after the issuance of the ruling, at a daily rate of about $11,340 (AED 41.6 thousand), until the full amount is repaid.
The events of the case date back to a dispute over whether Shetty had signed a personal guarantee for a loan of $50 million (AED 183.5 million) provided by the State Bank of India to "NMC" in December 2018.
Shetty denied meeting the CEO of the bank or signing any document, claiming that his signature was forged. However, the court presented several pieces of evidence contradicting this claim, including photographs, meeting minutes, and even an email issued from his own email account.
The court rejected Shetty's defense request to postpone the full enforcement of the ruling, noting the limited chances of recovering the outstanding debts from "NMC" and the lack of guarantee of their achievement, compared to the State Bank of India's commitment to refund any amounts recovered in favor of Shetty.
The court also required the plaintiff to prepare a detailed and accurate statement of case costs within a week from the date of the ruling, with the necessity of notifying Shetty to enable him to respond within a similar time period.
