Cian Healthcare Limited has successfully completed its Corporate Insolvency Resolution Process (CIRP) with the dissolution of its Resolution Plan Implementation Committee on February 01, 2026. The pharmaceutical company received total consideration of ₹37,30,13,553 from the successful resolution applicant, Mr. Pradeep Kumar Jain, marking the conclusion of a complex restructuring process that began in June 2024.

Resolution Plan Implementation Completed

The Resolution Plan Implementation Committee, in its meeting held on February 01, 2026, confirmed the successful completion of all settlement obligations. The total bid value has been utilized for settling various stakeholder claims in accordance with the approved resolution plan.

The settlement covered Insolvency Resolution Process costs and claims from financial creditors, operational creditors, workmen, employees, and other eligible claimants. With the committee's dissolution, all powers have been transferred to the Interim Board, which will now operate under the Companies Act, 2013, and applicable listing regulations.

Financial Performance for FY25

Cian Healthcare's consolidated financial results for the year ended March 31, 2025, reflect the challenging operational environment during the insolvency process. The company's performance showed significant deterioration compared to the previous financial year.

The company's revenue from operations declined by over 50% to ₹3,079.84 lakhs in FY25 from ₹6,169.55 lakhs in FY24. Despite reduced expenses, the company reported a consolidated net loss of ₹2,597.75 lakhs compared to a net profit of ₹84.86 lakhs in the previous year.

Balance Sheet Position

As of March 31, 2025, Cian Healthcare's consolidated balance sheet showed total assets of ₹15,605.85 lakhs compared to ₹16,117.59 lakhs in the previous year. The company's financial position reflected the impact of the insolvency proceedings.

Notably, the company's cash position improved significantly to ₹1,777.04 lakhs from ₹119.41 lakhs, while shareholders' funds decreased to ₹3,235.73 lakhs from ₹5,833.49 lakhs.

Subsidiary Under CIRP

The company's subsidiary, Dr. Smith's Biotech Private Limited, is also undergoing its own Corporate Insolvency Resolution Process. The NCLT admitted an insolvency petition against the subsidiary on April 28, 2025, with Ms. Megha Agrawal appointed as the Interim Resolution Professional. Cian Healthcare's investment in the subsidiary amounts to ₹708.84 lakhs, with uncertain recoverability due to the ongoing insolvency proceedings.

Auditor Disclaimer and Key Concerns

The statutory auditors, SSRCA & Co., issued a disclaimer of opinion on the consolidated financial results, citing multiple significant concerns. These included pending reconciliation of creditor claims totaling ₹81.43 crores, uncertainties regarding asset valuations, incomplete documentation for various balance sheet items, and material uncertainty about the company's ability to continue as a going concern.

The auditors highlighted exceptional items totaling ₹1,225.37 lakhs, primarily comprising ₹1,109.01 lakhs for batch closures and ₹108.42 lakhs for sundry balance write-offs. These non-recurring items significantly impacted the company's financial performance for FY25.

With the successful completion of the resolution plan implementation, Cian Healthcare now transitions to a new phase under the successful resolution applicant's control, aiming to restore operational stability and financial health in the pharmaceutical sector.

Cian Healthcare Limited's Resolution Plan Implementation Committee has approved a significant share capital restructuring following the National Company Law Tribunal's approval of the company's resolution plan under insolvency proceedings. The committee meeting held on January 23, 2026, addressed the reduction and cancellation of existing equity shares and subsequent allotment of fresh shares as mandated by the NCLT order dated December 18, 2025.

Share Capital Restructuring Details

The Implementation Committee approved a comprehensive restructuring of the company's equity shareholding structure in compliance with the NCLT-approved resolution plan submitted by Successful Resolution Applicant Mr. Pradeep Kumar Jain under the Insolvency and Bankruptcy Code, 2016.

Promoter Shareholding Cancellation

The existing equity shares held by erstwhile promoters will be completely cancelled without any consideration. The committee approved the reduction and extinguishment of 67,74,897 equity shares having face value of ₹10.00 each, representing 27.10% of the total existing paid-up equity shareholding. The estimated liquidation value of such equity shareholding has been regarded as nil, justifying the cancellation without consideration.

Public Shareholding Restructuring

The public shareholding will undergo significant reduction as part of the resolution plan implementation. The existing 1,82,20,867 equity shares held by public shareholders, representing 72.90% of total existing equity shareholding, will be reduced and cancelled. In lieu of this cancellation, 12,50,000 fresh equity shares with face value of ₹10.00 each will be allotted to public shareholders.

Fresh Share Allotment Process

The allotment of 12,50,000 fresh equity shares to public shareholders will be conducted proportionate to their equity shareholding in the erstwhile share capital as on the record date of January 21, 2026. The company will handle fractional share entitlements according to procedures outlined in the NCLT order and applicable laws.

Regulatory Compliance Framework

The restructuring process adheres to multiple regulatory requirements including Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, SEBI Master Circular dated November 11, 2024, and SEBI Circular dated December 31, 2024. The implementation also complies with relevant provisions of the Insolvency and Bankruptcy Code, 2016, and the specific NCLT order dated December 18, 2025.

The company has committed to keeping all stakeholders and regulatory authorities informed of further material developments regarding the resolution plan implementation. This restructuring represents a significant milestone in the company's corporate insolvency resolution process under the successful resolution applicant's approved plan.