# In the matter of Vivimed Life Sciences Private Limited

> NCLT judgment dated 2024-03-22. Citation: TCN-2024-NCLT-01964. M/s. Wiz Logtec India Private Limited, the Operational Creditor, filed a Company Petition under…

- **Court:** NCLT
- **Order date:** 22 Mar 2024
- **Citation:** TCN-2024-NCLT-01964
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vivimed-life-sciences-private-limited-325bd5a0

## Summary

### Background

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.

## Facts

M/s. Wiz Logtec India Private Limited (Operational Creditor) filed a petition against M/s. Vivimed Life Sciences Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an operational debt of Rs. 1,37,47,165/-. The debt includes a principal amount of Rs. 1,21,12,040/- and interest of Rs. 16,35,125/-. The Operational Creditor and Corporate Debtor entered into service agreements dated 25.01.2019 and 03.08.2020, where the Operational Creditor was engaged for the export of pharmaceutical products. The Operational Creditor raised invoices for the services, but the Corporate Debtor failed to settle the invoices. The Corporate Debtor claimed a pre-existing dispute due to discrepancies in the invoices and non-reconciliation of

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## Issues and analysis

### Issue 1: Whether there exists a pre-existing dispute between the Operational Creditor and the Corporate …

**Ratio:** The existence of a pre-existing dispute is a bar to the admission of a petition under

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**Reasoning:** The Tribunal considered the email communications and replies exchanged between the

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**Interpretation:** The Tribunal interpreted the term 'pre-existing dispute' to mean a dispute that

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**Application:** In this case, the Tribunal found that the Corporate Debtor's claim of a

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** M/s. Wiz Logtec…
- **Respondents:** M/s. Vivimed Life…

## Timeline

- **2019-01-25 — Service Agr…**: Operational Creditor and Corporate…
- **2020-08-03 — Service Agr…**: Operational Creditor and Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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