# In the matter of Sical Logistics Ltd. CP-757-(IB)-2018

> NCLT judgment dated 2019-02-28. Citation: TCN-2019-NCLT-04641. The case involves a petition filed under CP/757/(IB)/2018. Counsels for both parties are…

- **Court:** NCLT
- **Order date:** 28 Feb 2019
- **Citation:** TCN-2019-NCLT-04641
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sical-logistics-ltd-cp-757-ib-2018-0811e3f6

## Summary

### Background

The case involves a petition filed under CP/757/(IB)/2018. Counsels for both parties are present and have filed a Settlement Agreement signed by authorized signatories. The Settlement Agreement contains a payment schedule under Para-2, which is placed on record.

## Facts

Beyam Technologies filed a petition (CP/757/(IB)/2018) against Sical Logistics Ltd. Both parties' counsels were present and submitted a Settlement Agreement with a payment schedule (Para-2). The court placed the agreement on record and disposed of the petition. The Operational Creditor (Beyam Technologies) has the option to revive the petition if Sical Logistics Ltd defaults on payments as per the settlement agreement. The key fact is the existence and acceptance of the Settlement Agreement, which led to the disposal of the case with a provision for revival upon default.

## Issues and analysis

### Issue 1: Whether the petition should be disposed of based on …

**Ratio:** A court can dispose of a petition when parties reach a settlement, especially when the

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**Reasoning:** The court reasoned that the Settlement Agreement, signed by authorized signatories and

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**Interpretation:** This reflects the principle that courts encourage settlements to resolve

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**Application:** In this case, the existence of the Settlement Agreement, with its payment

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** BEYAM TECHN…
- **Respondents:** SICAL LOGISTICS…

## Timeline

- **2018-01-01 — Petition…**: CP/757/(IB)/20…
- **2019-02-28 — Hearing and…**: Hearing held; Settlement Agreement filed;…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/sical-logistics-ltd-cp-757-ib-2018-0811e3f6