M/s. Wiz Logtec India Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Vivimed Life Sciences Private Limited, the Corporate Debtor. The claim is for a total operational debt of Rs. 1,37,47,165/-, including a principal amount of Rs. 1,21,12,040/- and interest of Rs. 16,35,125/-. The Corporate Debtor and Operational Creditor entered into service agreements in 2019 and 2020, where the Corporate Debtor engaged the Operational Creditor for export of pharmaceutical products. The Operational Creditor raised invoices for the services, but the Corporate Debtor failed to settle the invoices despite repeated follow-ups.

M/s. Wiz Logtec India Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Vivimed Life Sciences Private Limited, the Corporate Debtor. The claim is for a total operational debt of Rs. 1,37,47,165/-, including a principal amount of Rs. 1,21,12,040/- and interest of Rs. 16,35,125/-. The Corporate Debtor and Operational Creditor entered into service agreements in 2019 and 2020, where the Corporate Debtor engaged the Operational Creditor for export of pharmaceutical products. The Operational Creditor raised invoices for the services, but the Corporate Debtor failed to settle the invoices despite repeated follow-ups.