New Delhi, July 24 -- Mumbai - The recent settlement of the legacy litigation case of NMC Group was based on the commercial consideration for the bank and expectation of a long legal overhang on the lender, managing director and chief executive officer Debadatta Chand said in the bank's Q1 earnings call, adding that the bank had "strong basis" to settle the case.

"We thought that it is appropriate for us to settle the case and that has been done without any admission of any liability or wrongdoings," Chand said. The objective of the bank has been to give a "pristine balance sheet in terms of not having any overhang in terms of any legacy issue".

The settlement amount covered the entirety of the bank's liability in the case, which was $6...