Shivinder Mohan Singh files for personal insolvency before NCLT

Shivinder Mohan Singh, former promoter of Fortis Healthcare and Religare Enterprises, has filed for personal insolvency under the Insolvency and Bankruptcy Code (IBC) before the National Company Law Tribunal (NCLT). The matter was listed for hearing before the Delhi bench of the NCLT on Monday, April 21, 2025, and is now expected to be taken up again in May. Singh was represented in the proceedings by advocate Aditya Dewan.

According to a report by Bar and Bench, Singh has stated in his insolvency application that his liabilities now far exceed the value of his available assets. The filing notes that most of his assets have either been attached or sold at significantly diminished values, primarily due to ongoing litigation and enforcement proceedings linked to the Daiichi dispute, as well as financial mismanagement within RHC Holding Pvt. Ltd., where Singh acted as a corporate guarantor.

Born into the family that founded Ranbaxy Laboratories, Shivinder Singh rose to prominence alongside his brother, Malvinder Mohan Singh. The brothers inherited their father’s stake in Ranbaxy and sold their controlling interest to Japanese pharmaceutical giant Daiichi Sankyo in 2008 for a substantial sum. However, the deal soon became mired in controversy, leading to a lengthy and high-profile legal battle.

Daiichi Sankyo alleged that the Singh brothers had concealed critical information regarding Ranbaxy’s regulatory issues with the U.S. Food and Drug Administration (FDA) and the Department of Justice (DoJ) at the time of the sale. In 2016, a Singapore-based arbitration tribunal ruled in favor of Daiichi, finding the brothers guilty of fraudulent misrepresentation and awarding ₹3,500 crore in damages.

Indian courts later upheld the arbitral award, leading to enforcement actions against the Singh brothers’ assets. The Delhi High Court directed them to pay the awarded sum, resulting in the attachment and recovery proceedings against various personal and corporate assets, including shareholdings in RHC Holding Pvt. Ltd.

The personal insolvency provisions under the IBC—specifically Sections 94 to 187—govern insolvency resolution for individuals, including personal guarantors to corporate debtors.

Also See: Important Sections of Insolvency and Bankruptcy Code (IBC)