The National Company Law Tribunal, Bengaluru Bench has initiated corporate insolvency resolution proceedings against Vivimed Labs Limited on 15.04.2026, marking a significant development for the pharmaceutical company that has been operational since 1988.

Company Background and Insolvency Details

Vivimed Labs Limited, incorporated on 22.09.1988 under the Registrar of Companies, Bangalore, carries the Corporate Identity Number L02411KA1988PLC009465. The company maintains its registered office at Plot No. 78-A, Kothar Industrial Area, Bidar, Karnataka - 585403, with its corporate office located at GMR Towers, 3rd & 4th Floor, Green Lands, Begumpet, Beside the Plaza Hotel, Hyderabad, Telangana - 500016.

Interim Resolution Professional Appointment

T Narayana Swamy has been appointed as the interim resolution professional with IBBI Registration Number IBBI/IPA-002/IP-N01078/2020-2021/13427. His registered address is No. 15, Shubhadeepa, 7th Cross, Bhuvaneshwarinagar, Hebbal Kempapura, Bangalore North, Near Shakthi Ganapathi Temple, Bangalore, Karnataka - 560024.

For correspondence purposes, creditors should contact the interim resolution professional at "VK Commerce", # 8, 3rd Floor, 3rd Main Road, Opp. Rajajinagar IT Park, KSSIDC, Rajajinagar Industrial Estate, Bengaluru, Karnataka - 560010, with email communications directed to cirp.vivimedlabslimited@hotmail.com .

Claims Submission Process

Creditors of Vivimed Labs Limited must submit their claims with supporting proof by 01.05.2026. The submission process varies based on creditor type:

• Financial Creditors: Must submit claims electronically only
• Other Creditors: May submit claims in person, by post, or electronically

All relevant forms are available at the IBBI website ( https://ibbi.gov.in/en/home/downloads ). The announcement emphasizes that submission of false or misleading proofs of claim will attract penalties under applicable regulations.

Regulatory Framework

The proceedings are conducted under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Currently, no specific classes of creditors have been identified under clause (b) of sub-section (6A) of section 21, and no insolvency professionals have been designated as authorized representatives for creditor classes.

The corporate insolvency resolution process represents a structured approach to address the company's financial distress while providing an opportunity for potential resolution or recovery for stakeholders. The six-month timeline provides a defined framework for creditors to participate in the resolution process and for potential buyers or investors to evaluate restructuring opportunities.

Vivimed Labs has been admitted to the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT) Bengaluru Bench. The insolvency commencement date is recorded as 15.04.2026, with the order copy received on 17.04.2026. T Narayana Swamy has been appointed as the Interim Resolution Professional (IRP) to oversee the company's affairs during the resolution process.

Key Details of the Insolvency Proceedings

Background of the Debt

The operational creditor, Blue Cube Germany Assets GmbH & Co. KG, filed the CIRP petition over unpaid operational debt amounting to ₹2,78,60,844. The debt originated from a supply agreement for perchloroethylene entered into between Dow Europe GmbH and Vivimed Labs on January 1, 2012. 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 and the company's acknowledgment of outstanding dues through email communications in 2015, Vivimed Labs failed to discharge the liability.

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

Tribunal's Findings and Moratorium

Vivimed Labs contested the petition on grounds including limitation and forum shopping. 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, and COVID-19 related extensions further brought the petition within the prescribed timeframe.

The tribunal has imposed a comprehensive moratorium under Section 14 of the Insolvency and Bankruptcy Code, prohibiting the institution or continuation of legal proceedings against the company, transfer or disposal of company assets, recovery actions by secured creditors, and 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, indicating broader financial difficulties beyond this specific operational debt.