Cian Healthcare Limited, currently undergoing proceedings under the Corporate Insolvency Resolution Process (CIRP), has informed the stock exchanges of the outcome of its 13th Committee of Creditors (CoC) meeting, which was conducted on Saturday, June 21, 2025. This disclosure has been made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read in conjunction with the recent SEBI circulars dated November 11, 2024, and December 31, 2024.

The CoC meeting, chaired by the appointed Resolution Professional (RP) Roshen Chordiya, commenced at 11:30 A.M. and concluded at 03:00 P.M. on the same day. The meeting, conducted via video conferencing and other audio-visual means, met the necessary quorum requirements and covered several critical agenda items vital to the ongoing insolvency resolution process of the company.

Matters Discussed During the CoC Meeting

The meeting was structured to address various operational, financial, and procedural updates relevant to the CIRP. The Resolution Professional conducted the meeting and confirmed that quorum was established.

Among the key discussion points, the CoC took note of the waivers and concessions proposed under the resolution plan. These concessions are expected to play an essential role in making the plan feasible for implementation. In addition, the draft Deed of Assignment was presented to the creditors for review and discussion, a document typically used to formalize the transfer of claims, rights, or assets during a corporate resolution process.

One of the central highlights of the meeting was the revision and approval of the list of creditors, ensuring accuracy in voting rights and priority claims.

Further, the Resolution Professional provided updates on the ongoing CIRP, including progress on asset recovery, information collation, creditor reconciliations, and compliance with statutory obligations.

Approval of Audited Financials (Standalone)

In a significant development, the CoC approved the audited standalone financial results for both the half-year ended March 31, 2025, and the entire financial year 2024-25. These were prepared and presented along with the Audit Report issued by M/s. SSRCA & Co., the Statutory Auditors of Cian Healthcare Limited.

The acceptance of these financials is essential in maintaining transparency and ensuring regulatory compliance under SEBI norms during the ongoing insolvency proceedings.

Delay in Filing of Consolidated Financials

One of the pressing matters brought up was the delay in the preparation and filing of consolidated audited financial results for the corresponding periods. The reason for this delay was explained in detail by the Resolution Professional.

The core cause of the delay lies in the status of Dr. Smith Biotech Private Limited, a subsidiary of Cian Healthcare Limited, which itself has been admitted under the CIRP process. The IRP of Dr. Smith Biotech Pvt Ltd has not yet completed the data handover process, leaving essential financial and operational information unavailable to Cian Healthcare’s auditors.

As a result, the consolidated financial results and statements remain pending, and their submission has been deferred until the complete data is furnished. The CoC took note of this issue and agreed on the explanation provided by the RP.

Discussion on Future Governance and Board Composition

As part of the resolution plan implementation discussion, the proposed composition of the future Board of Directors — which will take charge once the resolution plan is approved — was also tabled. This composition is significant as it would determine the leadership structure post-resolution and help the company in its recovery and operational revival.

Although the document did not list specific resolutions to be voted upon, it indicates that there will be voting on multiple issues in subsequent meetings or through e-voting. These could include approval of the final resolution plan, selection of a successful bidder, or ratification of governance structure post-implementation.

Regulatory Framework and Compliance

This entire disclosure is in line with the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates prompt and accurate reporting of material events by listed entities. The circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, and its amendment SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185 dated December 31, 2024, further emphasise clarity and structured reporting during insolvency proceedings.

By making this disclosure, Cian Healthcare Limited ensures that shareholders, stakeholders, and regulatory bodies remain informed of significant developments concerning its CIRP and overall corporate governance.

Role of the Resolution Professional

Roshen Chordiya, the appointed Resolution Professional in the matter, holds IBBI Registration No.: IBBI/IPA-001/IP-P02840/2023-2024/14347. He continues to supervise and execute the affairs of the company under the CIRP in accordance with the Insolvency and Bankruptcy Code (IBC), 2016. His active engagement in reporting to the CoC, tracking the status of subsidiary data, and ensuring compliance with SEBI’s LODR obligations reinforces the governance structure during the resolution period.

Conclusion

The 13th CoC meeting of Cian Healthcare Limited, held on June 21, 2025, marked an important step forward in the company’s ongoing corporate insolvency resolution process. The approval of standalone financials, disclosure of delays in consolidated reports due to subsidiary’s CIRP status, and discussion of key resolution-related items form the backbone of the meeting’s outcomes.

These disclosures, made under Regulation 30 of SEBI’s LODR Regulations, reflect the company’s efforts to maintain transparency and procedural integrity amid ongoing financial challenges. With further updates expected as the resolution process progresses, stakeholders will continue to monitor Cian Healthcare’s steps toward a sustainable revival.

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