Vivimed Labs has been admitted to Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT) Bengaluru following a petition by German operational creditor Blue Cube Germany Assets GmbH & Co. KG over unpaid operational debt of ₹2,78,60,844.

NCLT Order and Key Details

The NCLT Bengaluru Bench delivered its order on April 15, 2026, admitting the pharmaceutical company to insolvency proceedings under case number C.P. (IB) No. 91/BB/2025. The tribunal appointed T Narayana Swamy as Interim Resolution Professional (IRP) to oversee the company's affairs during the resolution process.

Background of the Debt

The operational debt stems from a supply agreement for perchloroethylene entered into between Dow Europe GmbH and Vivimed Labs on January 1, 2012, for a three-year period. Purchase orders were placed between December 2012 and January 2014, with invoices raised between January 2014 and March 2014. After adjusting certain credits, an amount of USD 202,596.24 remained outstanding.

Blue Cube Germany Assets acquired the rights to recover these dues through an Asset Transfer Agreement dated May 1, 2015, with Dow Europe GmbH. Despite repeated follow-ups, Vivimed Labs failed to discharge the liability, though it acknowledged the outstanding dues through email communications in 2015.

Legal Proceedings Timeline

The creditor pursued multiple legal remedies before approaching the NCLT:

• November 10, 2015: Legal notice issued demanding payment
• December 9, 2015: Vivimed Labs admitted liability and undertook to pay within two months
• 2016: Civil suit C.O.S. No. 04 of 2016 filed in Commercial Court, Rangareddy District, Telangana
• April 12, 2019: Court decree awarded ₹1,81,60,708 with future interest at 6% per annum
• 2019: Execution proceedings E.A. No. 192 of 2019 initiated
• November 10, 2021 & December 7, 2021: Vivimed Labs filed memos undertaking to pay dues in instalments
• November 23, 2024: Section 8 demand notice issued for ₹2,78,11,759
• April 30, 2025: CIRP petition filed

Company's Defense and Tribunal's Findings

Vivimed Labs contested the petition on multiple grounds, arguing it was filed solely for recovery purposes and constituted forum shopping due to pending execution proceedings. The company also raised limitation objections, claiming the petition was filed beyond three years from the decree date.

However, the NCLT rejected these contentions, noting that:

• The company's written acknowledgments in 2021 extended the limitation period under Section 18 of the Limitation Act
• COVID-19 related extensions further brought the petition within the prescribed timeframe
• No pre-existing dispute existed, as evidenced by the company's admissions and failure to respond to the Section 8 notice
• Pendency of execution proceedings does not bar CIRP initiation

Moratorium and Next Steps

The tribunal imposed a comprehensive moratorium under Section 14 of the Insolvency and Bankruptcy Code, prohibiting:

• Institution or continuation of legal proceedings against the company
• Transfer or disposal of company assets
• Recovery actions by secured creditors
• Recovery of property by owners or lessors

The operational creditor must deposit ₹2,00,000 with the IRP to cover public announcement expenses. The IRP has been directed to constitute a Committee of Creditors within 30 days and submit regular monthly progress reports to the tribunal.

The case highlights the financial stress faced by Vivimed Labs, with the NCLT noting that multiple insolvency petitions are pending against the company, including CP(IB) 52/2026 and TP No. (IBC) 02/2024, indicating broader financial difficulties beyond this specific operational debt.

Vivimed Labs Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026, to both BSE Limited and National Stock Exchange of India Limited.

Q4FY26 Compliance Certificate Details

The company forwarded the certificate received from its Registrar and Share Transfer Agent (RTA), Aarthi Consultants Private Limited, a SEBI registered Category-I RTA bearing Registration Number INR000000379. The certificate confirms compliance with dematerialization requirements for the period from January 1, 2026 to March 31, 2026.

RTA Compliance Confirmation

Aarthi Consultants Private Limited confirmed completion of required actions within 15 days of receiving security certificates from depository participants for dematerialization purposes. The RTA verified that dematerialized securities are listed on appropriate stock exchanges, mutilated and cancelled forwarded certificates, and substituted the depository name as registered owner in records.

Stock Exchange Communication

The compliance certificate was addressed to both major Indian stock exchanges where Vivimed Labs shares are traded. BSE Limited received the communication referencing stock code 532660, while National Stock Exchange of India Limited received it under stock code VIVIMEDLAB.

Regulatory Background

The company previously declared to stock exchanges that it does not fall under the classification of a 'large corporate entity' as per SEBI framework established through Circular No. SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. This latest submission represents ongoing regulatory compliance measures ensuring transparency in depository and participant operations.

Company Information

Vivimed Labs Limited operates with its registered office at Kolhar Industrial Area, Bidar, Karnataka, and maintains its corporate office in Hyderabad, Telangana. The company's CIN is L02411KA1988PLC009465, reflecting its incorporation in Karnataka in 1988.