# In the matter Simplex Infrastructure Ltd. CP (IB) No. 265-KB-2020

> NCLT judgment dated 2020-10-12. Citation: TCN-2020-NCLT-00407. The case pertains to CP (IB) No. 265/KB/2020, involving M/s. Ajay Sales & Service as the…

- **Court:** NCLT
- **Order date:** 12 Oct 2020
- **Citation:** TCN-2020-NCLT-00407
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/in-the-matter-simplex-infrastructure-ltd-cp-ib-no-265-kb-2020-0fa142df

## Summary

### Background

The case pertains to CP (IB) No. 265/KB/2020, involving M/s. Ajay Sales & Service as the Operational Creditor versus Simplex Infrastructures Ltd. The hearing took place on October 12, 2020. Counsel for both the Operational Creditor and the Corporate Debtor appeared through video conference.

## Facts

The case involves M/s. Ajay Sales & Service (Operational Creditor) and Simplex Infrastructures Ltd. The hearing was held on October 12, 2020. Mr. Sandip Joshi, representing the Operational Creditor, stated that the matter had been amicably settled between the parties. Consequently, the Operational Creditor requested permission to withdraw the Corporate Petition. The NCLT granted this permission, disposing of the C.P. as withdrawn. This indicates a resolution outside of formal legal proceedings, leading to the case's closure.

## Issues and analysis

### Issue 1: Whether the permission to withdraw the Corporate Petition (C.P.) should be granted based on the …

**Ratio:** The legal principle applied here is the tribunal's discretion to allow the withdrawal of

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**Reasoning:** The court reasoned that since the parties had reached an amicable settlement, allowing

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**Interpretation:** The interpretation is that the tribunal recognizes and encourages amicable

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**Application:** In this specific case, the Operational Creditor's submission of an amicable

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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, where the Operational Creditor's counsel submitted that…

## 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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