Shivinder Mohan Singh, once a towering figure in India’s healthcare and financial services sectors, has filed for personal insolvency before the National Company Law Tribunal (NCLT), seeking relief under the Insolvency and Bankruptcy Code (IBC). The case was briefly heard by NCLT Delhi today and has been adjourned for further proceedings in May.
Singh, along with his elder brother Malvinder Singh, rose to prominence after selling their controlling stake in pharmaceutical giant Ranbaxy Laboratories to Japan’s Daiichi Sankyo in 2008 for a staggering $4.6 billion.
The brothers later co-founded Fortis Healthcare and Religare Enterprises — names once synonymous with India’s booming healthcare and financial markets.
However, the Daiichi deal triggered a long-standing legal battle, with the Japanese firm accusing the brothers of concealing critical regulatory issues tied to Ranbaxy’s dealings with the US FDA and Department of Justice. In 2016, a Singapore-based arbitral tribunal found the Singh brothers guilty of fraudulent misrepresentation and awarded ₹3,500 crore in damages to Daiichi Sankyo.
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Subsequent enforcement actions by Indian courts, including orders from the Delhi High Court, led to the attachment and liquidation of several personal and corporate assets owned by the Singh brothers — notably within RHC Holding Pvt. Ltd., where Shivinder was a corporate guarantor.
In his insolvency petition, Shivinder has claimed that his current liabilities far outweigh his remaining assets, most of which have been diminished in value or seized during protracted legal and recovery proceedings. He attributed his financial downfall to both the ongoing Daiichi dispute and alleged mismanagement within RHC Holding.
The plea has been filed under Section 94 of the IBC, which permits individuals to initiate insolvency proceedings when unable to meet debt obligations, provided certain legal conditions are met. If admitted, the case will move toward the appointment of a resolution professional who may propose a structured repayment plan, subject to creditor consensus and court approval.