# In the matter of Vivimed Life Sciences Private Limited

> NCLT judgment dated 2024-05-14. Citation: TCN-2024-NCLT-01355. The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 14 May 2024
- **Citation:** TCN-2024-NCLT-01355
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vivimed-life-sciences-private-limited-3716e991

## Summary

### Background

The case involves a Company Petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The applicant sought withdrawal of the Company Petition based on a Settlement Agreement executed between the parties on 02.04.2024, which was placed on record.

## Facts

Wiz Logtec India Private Limited (formerly known as M/s. M + R Logistics (India) Private Limited) filed a Company Petition against Vivimed Life Sciences Private Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016. A Settlement Agreement was executed between the parties on 2024-04-02. The applicant's counsel requested withdrawal of the Company Petition based on the Settlement Agreement. The respondent's counsel confirmed that the entire payment had been made. The court considered the joint request of the counsels.

## Issues and analysis

### Issue 1: Whether the Company Petition can be disposed of as withdrawn based on the Settlement Agreement …

**Ratio:** A Company Petition can be disposed of as withdrawn if the parties have reached a

…

**Reasoning:** The court reasoned that the Settlement Agreement, coupled with the confirmation of full

…

**Interpretation:** This interpretation emphasizes the court's role in facilitating settlements and

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**Application:** In this case, the existence of a Settlement Agreement and the confirmation of

…

## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Wiz Logtec India…
- **Respondents:** Vivimed Life…

## Timeline

- **2024-04-02 — Settlement Agreement…**: A Settlement Agreement was executed between Wiz Logtec India Private Limited and Vivimed…
- **2024-05-14 — Order Del…**: The NCLT disposed of the Company Petition as withdrawn based on the Settlement Agreement…

## 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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