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Former Fortis promoter Shivinder Singh files personal insolvency at NCLT

Shivinder Mohan Singh, the former promoter of Fortis Healthcare and Religare Enterprises, has filed for personal insolvency before the National Company Law Tribunal (NCLT) in Delhi. The matter was heard briefly on Monday (April 21), but the hearing has been postponed and is expected to continue in May, according to a report by Bar and Bench. Shivinder Singh, along with his elder brother Malvinder Singh, was once counted among the richest businessmen in India. The duo gained prominence after selling their controlling stake in Ranbaxy Laboratories to Japanese pharmaceutical company Daiichi Sankyo in 2008 for approximately $4.6 billion. They later focused on expanding Fortis Healthcare and Religare Enterprises. However, the Ranbaxy deal soon became mired in controversy. Daiichi Sankyo accused the Singh brothers of concealing critical information regarding Ranbaxy's legal and regulatory issues in the United States. Fraud charges The Japanese company claimed that the brothers did not disclose the ongoing issues with the US Food and Drug Administration (FDA) and the Department of Justice (DoJ), which were investigating Ranbaxy at the time. According to the report, in 2016, an international arbitration tribunal based in Singapore ruled in favor of Daiichi Sankyo. The tribunal found the Singh brothers guilty of fraudulent misrepresentation and ordered them to pay ₹3,500 crore in damages to Daiichi. After that, Indian courts began enforcement proceedings to recover the amount. The Delhi High Court directed the Singh brothers to pay the full sum awarded by the arbitration. As part of the enforcement process, several of their personal and company assets were either seized or sold. This included their shareholdings in RHC Holding Pvt. Ltd., one of the key companies connected to the case. In the insolvency petition, Shivinder Singh has said that his debts are now much greater than the value of his remaining assets. He explained that most of his properties and shares have either been taken away or sold at much lower prices due to the ongoing court cases and financial troubles. He also pointed to poor financial management at RHC Holding Pvt. Ltd., where he had acted as a corporate guarantor, as a reason for his financial problems. Legal recourse under IBC According to Indian bankruptcy law, an individual can file for insolvency under Section 94 of the Insolvency and Bankruptcy Code (IBC) if they are unable to pay back their debts. Once the NCLT accepts the petition, a resolution professional may be appointed to take charge of the process. The professional will work on a repayment plan, which must be approved by the creditors and the court. By filing for personal insolvency, Shivinder Singh is seeking a structured legal route to manage his debts and shield himself from further enforcement action. The outcome of the case in the coming months will determine the next chapter in this long-standing financial and legal saga.