Initiation of CIRP against Wholly Owned Subsidiary of the Company
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Cian Healthcare has informed BSE of two developments. First, the Resolution Plan for Cian Healthcare itself (already under CIRP) was approved by the Committee of Creditors on May 9, 2025 and was submitted to the NCLT Mumbai Bench on May 23, 2025 for approval by Resolution Professional Roshen Chordiya. Second, the NCLT Mumbai Bench has admitted a petition under Section 7 of the IBC and initiated the Corporate Insolvency Resolution Process (CIRP) against Dr. Smiths Biotech Private Limited, a wholly owned subsidiary of Cian Healthcare. The petition was filed by SIDBI over a default of approximately Rs. 8 crores (out of an original Rs. 14.80 crore loan) against the subsidiary. Ms. Megha Agrawal has been appointed as Interim Resolution Professional for the subsidiary. The CIRP order was pronounced on April 28, 2025.
Negative for shareholders - the subsidiary's insolvency adds to the financial stress on Cian Healthcare, which itself is already under CIRP. The subsidiary's default of Rs. 8 crores to SIDBI and loss of operational control via the IRP could further weaken the consolidated entity and complicate the parent's own Resolution Plan, which is now pending NCLT approval.