The case marks one of the first instances of a large conglomerate using the UAE federal bankruptcy regime to restructure its business
BR Shetty filed a suit in New York last week, naming Ernst & Young as a co-conspirator in the fraud alongside former executives
Shetty was reportedly stopped by immigration officials from boarding a flight to the UAE on November 14
The order was secured by NMC’s biggest creditor, Abu Dhabi Commercial Bank
NMC is undertaking a complete restructuring of its balance sheet following the discovery of significant fraud and debt
The transaction is expected to be complete by H1 2021
NMC had a peak market value of $10bn on the London Stock Exchange before the uncovering of billions of dollars of undisclosed debt pushed it into administration
NMC had a market value of $10bn at its peak on the London Stock Exchange before allegations of fraud pushed it into administration
Finablr and NMC Health were both listed on the London Stock Exchange before being suspended
NMC has developed a three-year business plan with a strategy to deliver continued growth in its core UAE business
Creditors will also consider plans to bring in a new strategic investor to Neopharma to keep the business operating
The London-listed company, Finablr, had a market value of GBP77m when it was halted from trading in March, down from a peak of GBP1.5bn in December
NMC Health said last month that they had uncovered $2.7bn of debt hidden from its board, doubling its borrowings to around $5bn
The company was placed in administration last week
With a market value of $2.4bn and total debt of $6.6bn, NMC faces an investigation by the UK’s Financial Conduct Authority
The London-listed company’s share price has fallen 24 per cent this year to 13.48 pounds