The National Company Law Tribunal (NCLT) has accepted an insolvency petition lodged by Chennai-based Wiz Logtec India Private Limited against Vivimed Life Sciences, a subsidiary of Strides Pharma Science Limited. The petition stemmed from Vivimed’s failure to settle a debt amounting to Rs 1.37 crore.
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Initiating the Corporate Insolvency Resolution Process (CIRP), Wiz Logtec cited Vivimed’s non-payment of Rs 1.21 crore owed for logistics services provided between January 25, 2019, and August 3, 2020. Despite receiving Rs 4.20 crore from Vivimed, the logistics firm asserted that the outstanding sum, inclusive of interest, remained unsettled.
Representing Vivimed, senior counsel Zubin Behramkamdin contested the agreement’s validity and the invoices presented. However, the NCLT upheld the legitimacy of the agreement, emphasizing the mutual execution between the parties.
The Mumbai bench of NCLT, in response to the petition, appointed Shekhar Arvind Parkhi as interim resolution professional to oversee the insolvency resolution process. Additionally, the tribunal mandated Wiz Logtec to remit Rs 3 lakh towards initial CIRP expenses.
