# In the matter Simplex Infrastructure Ltd. CP (IB) No. 263-KB-2020

> NCLT judgment dated 2020-10-12. Citation: TCN-2020-NCLT-00406. The case involves M/s. Ajay Sales & Service as the Operational Creditor and Simplex…

- **Court:** NCLT
- **Order date:** 12 Oct 2020
- **Citation:** TCN-2020-NCLT-00406
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/in-the-matter-simplex-infrastructure-ltd-cp-ib-no-263-kb-2020-59212f86

## Summary

### Background

The case involves M/s. Ajay Sales & Service as the Operational Creditor and Simplex Infrastructures Ltd. as the Corporate Debtor. The matter was heard by the National Company Law Tribunal (NCLT), Kolkata Bench.

## Facts

M/s. Ajay Sales & Service initiated a Corporate Insolvency Resolution Process (CIRP) against Simplex Infrastructures Ltd. under Section 9 of the IBC. During the hearing on October 12, 2020, the counsel for the Operational Creditor, Mr. Sandip Joshi, informed the court that the matter had been amicably settled between the parties. Consequently, the Operational Creditor sought permission to withdraw the C.P. The NCLT considered the submission and granted the permission, disposing of the C.P. as withdrawn. The key fact is the amicable settlement between the parties, leading to the withdrawal of the C.P.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the Company Petition (C.P.) after an amicable …

**Ratio:** The legal principle is that a party can withdraw a case if the matter has been amicably

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**Reasoning:** The court reasoned that since the Operational Creditor's counsel submitted that the

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**Interpretation:** This interprets the right of a party to withdraw a case when a settlement has

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Madan B.…; Harish Chander…
- **Appellants:** M/s. Ajay Sales &…
- **Respondents:** Simplex Infrastruc…

## Timeline

- **2020-10-12 — Hearing…**: Hearing held on October 12, 2020, at 10:30…
- **N/A — Settleme…**: The matter was amicably…

## 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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