Filing of Resolution Plan with Tribunal
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Cian Healthcare, already under Corporate Insolvency Resolution Process (CIRP), has submitted its Resolution Plan — unanimously approved by the Committee of Creditors on May 9, 2025 — to the NCLT Mumbai Bench on May 23, 2025 for final approval. In a related development, the NCLT has admitted a separate insolvency petition (C.P. (IB)/98(MB)2025) against Cian's wholly-owned subsidiary Dr. Smiths Biotech Private Limited, filed by SIDBI over a default of roughly Rs. 8 crore on a loan originally sanctioned in 2017 for setting up a pharmaceutical unit in Roorkee. Ms. Megha Agrawal has been appointed as Interim Resolution Professional for the subsidiary. The loan account had been classified as NPA in June 2024 after prior restructuring efforts failed, and the subsidiary admitted it could not repay the dues.
Mixed signals for shareholders: progress on the parent's resolution plan is positive and could lead to revival if NCLT approves it, but the admission of CIRP against the wholly-owned subsidiary adds another layer of financial stress and uncertainty. Existing shareholders are likely to face significant dilution or restructuring as part of the resolution.