# In the matter of Wizaman Impex Pvt. Ltd. (IB)-841 (ND)-2020

> NCLT judgment dated 2020-10-06. Citation: TCN-2020-NCLT-00456. Kedrion Biopharma Inc., an operational creditor, filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 6 Oct 2020
- **Citation:** TCN-2020-NCLT-00456
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/wizaman-impex-pvt-ltd-ib-841-nd-2020-436b86f6

## Summary

### Background

Kedrion Biopharma Inc., an operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Wizaman Impex Pvt. Ltd., the corporate debtor, due to its inability to liquidate its operational debt. The operational creditor, a corporation registered in Delaware, USA, is engaged in manufacturing pharmaceutical products. It entered into a Distribution Agreement with the corporate debtor on 2014-03-21 for the distribution and sale of its products in India. The operational creditor raised several invoices, but no payment was received. The corporate debtor acknowledged the outstanding dues on multiple occasions. A demand notice was issued on 2019-07-25, but it was

…

## Facts

Kedrion Biopharma Inc. (Operational Creditor) is a corporation registered in Delaware, USA, engaged in manufacturing pharmaceutical products. Wizaman Impex Pvt. Ltd. (Corporate Debtor) entered into a Distribution Agreement with Kedrion on 2014-03-21 for distributing and selling Kedrion's products in India. Kedrion raised several invoices against Wizaman for the sale and distribution of pharmaceutical products, but received no payment. Key invoices include 'DMI 4169626' dated 2013-12-19 for USD 25,800, 'DMI 4174867' dated 2014-04-25 for USD 6,32,1001, and 'DMI 4202417' dated 2014-05-23 for USD 604,055.401. Wizaman acknowledged the outstanding amount on 2015-12-31 (USD 1,261,9551) and 2016-01-18 (USD 1,26,9551). On 2017-02-02, Wizaman acknowledged outstanding dues of USD

…

## Issues and analysis

### Issue 1: Whether the application filed by the operational creditor is barred by limitation under the …

**Ratio:** Article 137 of the Limitation Act requires an application to be filed within three years

…

**Reasoning:** The NCLT reasoned that the date of default was 2014-05-23, and the application was filed

…

**Interpretation:** The NCLT interpreted Article 137 of the Limitation Act to mean that the

…

**Application:** The NCLT applied the legal principles to the facts of the case. It determined

…

## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Kedrion Biopharma…
- **Respondents:** M/S WIZAMAN IMPEX…

## Timeline

- **2013-12-19 — Invoice…**: Invoice no. 'DMI 4169626'…
- **2014-03-21 — Distribution A…**: Operational Creditor entered into a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/wizaman-impex-pvt-ltd-ib-841-nd-2020-436b86f6