Shivinder Mohan Singh, the former co-owner of pharmaceutical giant Ranbaxy Laboratories, has filed for personal insolvency with the National Company Law Tribunal (NCLT) in an attempt to seek relief under the Insolvency and Bankruptcy Code (IBC). The move comes after a long-standing legal battle with Japanese firm Daiichi Sankyo, which accused the Singh brothers of concealing critical regulatory issues related to Ranbaxy’s dealings with the US FDA and Department of Justice.
The dispute began in 2008 when the Singh brothers sold their controlling stake in Ranbaxy to Daiichi Sankyo for $4.6 billion. However, in 2016, a Singapore-based arbitral tribunal found the brothers guilty of fraudulent misrepresentation and awarded ₹3,500 crore in damages to Daiichi Sankyo. The subsequent enforcement actions by Indian courts led to the attachment and liquidation of several personal and corporate assets owned by the Singh brothers.
Shivinder’s insolvency petition claims that his current liabilities far outweigh his remaining assets, which have been significantly diminished in value or seized during the protracted legal and recovery proceedings. He attributes his financial downfall to both the ongoing Daiichi dispute and alleged mismanagement within RHC Holding Pvt. Ltd., where he was a corporate guarantor.
The petition has been filed under Section 94 of the IBC, which allows individuals to initiate insolvency proceedings when they are unable to meet debt obligations. If the petition is admitted, a resolution professional will be appointed to propose a structured repayment plan, subject to creditor consensus and court approval. The case has been adjourned for further proceedings in May.
The development marks a significant downfall for Shivinder, who once co-founded Fortis Healthcare and Religare Enterprises, names that were once synonymous with India’s booming healthcare and financial markets. The case also highlights the complexities and consequences of high-stakes business deals and the importance of regulatory compliance. As the proceedings unfold, it remains to be seen how the NCLT will rule on Shivinder’s petition and what implications this may have for his creditors and the broader business community.