Shivinder Mohan Singh Seeks Relief Through Insolvency Plea Amid Massive Debt

Former Fortis Healthcare promoter Shivinder Mohan Singh has filed for personal insolvency, claiming his liabilities surpass his assets. The plea follows a Rs 3,500 crore arbitration award against him linked to Daiichi Sankyo. The National Company Law Tribunal will hear the matter on May 20.

Shivinder Mohan Singh, once a prominent promoter of Fortis Healthcare, has taken the step of filing for personal insolvency. Facing the National Company Law Tribunal, he cited overwhelming liabilities that overshadow his assets.

His application, under Section 94 of the Insolvency and Bankruptcy Code, has been presented to the Delhi-based tribunal, revealing a Rs 3,500 crore financial burden from an arbitration award in favor of Japanese drug giant Daiichi Sankyo.

The insolvency appeal positions Singh's distressed financial state against ongoing litigation related to the 2016 ruling, which demands repayment from him and his brother. The tribunal is slated to deliberate the issue further on May 20.

(With inputs from agencies.)