(Bloomberg) -- Less than two years after its market value soared to more than $10 billion, NMC Health Plc was placed in administration by a London court as the troubled health-care provider succumbed to creditor demands.

NMC, the Middle East’s largest hospital operator, will be run by administrators Alvarez & Marsal, Judge Sebastian Prentis said via videoconference Thursday. It’s a boost for state-owned Abu Dhabi Commercial Bank PJSC, one of the company’s creditors. It had pushed for a court-appointed process in a bid to get management to relinquish control.

Once the Arab world’s top performing stock, the shares of the company founded by Indian entrepreneur Bavaguthu Raghuram Shetty plunged before trading was suspended amid allegations of fraud. Most of NMC’s senior management has resigned since it revealed more than $4 billion of undisclosed debt. The company was also dropped from the FTSE 100 index.

“One of the most striking things about this was that until less than 4 months ago this company was overtly carrying on business entirely as normal,” Prentis said. “Since then the wheel has turned and it has kept turning.”

“It’s clear that something has gone very wrong with the management and oversight of this company,” the judge said.

In a letter to the court, NMC’s executive chairman Faisal Belhoul said the company continued to reject allegations made by ADCB.

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