# In the matter of Vivimed Life Sciences Private Limited

> NCLT judgment dated 2024-03-22. Citation: TCN-2024-NCLT-01951. 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-01951
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vivimed-life-sciences-private-limited-fe5cd49d

## 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 Operational Creditor and Corporate Debtor entered into service agreements on 25.01.2019 and 03.08.2020, 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

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## 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. The Operational Creditor claimed an operational debt of Rs. 1,37,47,165/-, including principal and interest, based on unpaid invoices for services rendered. The services were provided under service agreements dated 25.01.2019 and 03.08.2020, where the Operational Creditor was engaged for the export of pharmaceutical products. The Corporate Debtor made partial payments of Rs. 4,20,15,168/- but failed to settle the remaining invoices. The Operational Creditor issued a demand notice dated 12.01.2023. The Corporate Debtor claimed a pre-existing dispute, citing

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## Issues and analysis

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

**Ratio:** A pre-existing dispute must be a bona fide dispute and not a mere after-thought to avoid

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**Reasoning:** The NCLT observed that the Corporate Debtor admitted to availing the services but claimed

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**Interpretation:** The existence of a pre-existing dispute is a crucial factor in determining the

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**Application:** In this case, the NCLT found that the Corporate Debtor failed to prove the

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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…

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