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Former Fortis Healthcare promoter Shivinder Mohan Singh has moved a plea before the National Company Law Tribunal for personal insolvency, stating that his liabilities far exceed his assets. Singh has filed the plea under Section 94 of the Insolvency and Bankruptcy Code (IBC) before the Delhi-based bench of the insolvency tribunal, according to lawyers associated with the matter. The plea was listed before a two-member bench comprising Mahendra Khandelwal and Subrata Kumar Dash on Monday, which briefly heard the matter. The bench has now posted the matter on May 20 for the next hearing.

Section 94 of the IBC allows a debtor to apply to the NCLT to initiate the insolvency resolution process. The debtor may apply either by himself, or jointly with Partners, or through a Resolution Professional to the NCLT for initiating an Insolvency Resolution Process under Section by submitting an application.

Debt-ridden Shivinder Mohan Singh faces over Rs 3,500 crore recovery in an arbitration from the Japanese drug maker Daiichi Sankyo.

In his plea, Singh has submitted that his liabilities now far exceed the value of available assets.

Most of his assets have either been attached or disposed of at significantly reduced value, primarily due to ongoing litigation and enforcement proceedings related to the Daiichi dispute, as well as financial mismanagement within RHC Holding Pvt. Ltd., where he was a corporate guarantor.

A Singapore-based arbitral tribunal on April 29, 2016, awarded Rs 3,500 crore in favour of the Japanese firm, directing the Singh brothers to pay.

Later, Daiichi Sankyo moved the Delhi High Court for its enforcement.

The Delhi High Court on January 31, 2018, upheld the Rs 3,500 crore arbitral award passed in favour of Daiichi and paved the way for the enforcement of the 2016 tribunal award against the brothers who had sold their shares in Ranbaxy to Daiichi in 2008 for Rs 9,576.1 crore.

Sun Pharmaceuticals Ltd had later acquired Ranbaxy from Daiichi.

Singh is the son of Dr. Pravinder Singh, and grandson of Bhai Mohan Singh, the founder of Ranbaxy Laboratories, since merged with Sun Pharmaceuticals Ltd (it was earlier a unit of the Japanese drug maker Daiichi Sankyo). Singh attended The Doon School, and then graduated with a BA (hons.) in mathematics from St. Stephen's College, Delhi; he holds an MBA with specialization in health sector management from the Fuqua School of Business of Duke University in the United States.

Singh lives in New Delhi with his wife Aditi S. Singh and their four sons. On 24 September, during the AGM of Fortis Hospitals, Singh announced his resignation and handed control of the hospital chain to his brother.

Who is Shivinder Mohan Singh?

Shivinder Mohan Singh belongs to a prominent business family. he is the son of Dr Pravinder Singh and the grandson of Bhai Mohan Singh, who founded Ranbaxy Laboratories, a company that would later become a major player in the global generics market before merging with Sun Pharmaceuticals (after a period under Daiichi Sankyo’s ownership). 

Singh is an alumnus of The Doon School, Dehradun. He went on to earn a Bachelor’s degree with honors in Mathematics from St. Stephen’s College, Delhi, and later completed an MBA specialising in health sector management from Duke University’s Fuqua School of Business in the United States.

After the passing of their father in 1999, Shivinder and his elder brother Malvinder Mohan Singh inherited a 33.5% stake in Ranbaxy Laboratories. Under their stewardship, Ranbaxy expanded its international presence and became a significant force in the generic pharmaceuticals market. In 2008, the brothers sold their controlling stake in Ranbaxy to Japanese pharmaceutical giant Daiichi Sankyo for approximately $2 billion, a landmark deal in Indian corporate history.

Post-Ranbaxy, Shivinder and Malvinder diversified into healthcare and financial services. They co-founded Fortis Healthcare, which rapidly grew into one of India’s largest hospital chains, and Religare Enterprises, a major financial services firm. Shivinder played a hands-on role in Fortis’s expansion, overseeing the launch of flagship hospitals, major acquisitions, and the development of the Fortis Memorial Research Institute, a leading facility in Asia.

With PTI inputs