Shivinder Mohan Singh, former promoter of Fortis Healthcare and Religare Enterprises, has filed for personal insolvency before the National Company Law Tribunal (NCLT) in Delhi, reported Bar and Bench. The matter was briefly heard on April 21 and is scheduled to resume in May.
Singh has invoked Section 94 of the Insolvency and Bankruptcy Code (IBC), which allows individuals to file for insolvency if they are unable to repay debts. In his plea, Singh stated that his liabilities now exceed the value of his remaining assets.
Singh and his brother Malvinder Singh shot to prominence after selling their controlling stake in Ranbaxy Laboratories to Japan’s Daiichi Sankyo in 2008 for roughly $4.6 billion. The duo later expanded Fortis…
