# In the matter of Simplex Infrastructure Ltd. CP(IB)No.1539-KB-2019

> NCLT judgment dated 2020-03-13. Citation: TCN-2020-NCLT-01552. The case pertains to CP(IB)No.1539/KB/2019 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 13 Mar 2020
- **Citation:** TCN-2020-NCLT-01552
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/simplex-infrastructure-ltd-cpibno1539-kb-2019-3c004381

## Summary

### Background

The case pertains to CP(IB)No.1539/KB/2019 before the National Company Law Tribunal, Kolkata Bench, involving Union Roadways Corporation as the Operational Creditor and Simplex Infrastructures Ltd. as the Corporate Debtor. The matter was listed for hearing on March 13, 2020.

## Facts

The key facts are as follows: Union Roadways Corporation filed a Corporate Petition (CP(IB)No.1539/KB/2019) against Simplex Infrastructures Ltd. The matter was listed for hearing on March 13, 2020. During the hearing, it was jointly submitted that the matter had been settled out of the Tribunal. Consequently, the Operational Creditor sought permission to withdraw the CP. The Tribunal granted the permission, leading to the disposal of the CP as withdrawn. This indicates a resolution achieved outside the formal legal proceedings, resulting in the termination of the case.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant permission to the Operational Creditor to withdraw the Corporate …

**Ratio:** The legal principle applied is that if parties reach a settlement outside of the formal

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**Reasoning:** The Tribunal's reasoning is based on the joint submission that the matter was settled out

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**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code (IBC) allows for

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**Application:** In this specific case, the ratio and reasoning are applied to the fact that the

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## Parties

- **Judges:** Jinan…
- **Appellants:** Union Roadways…
- **Respondents:** Simplex Infrastruc…

## Timeline

- **2020-03-13 — Hearing…**: Hearing held on March…
- **2020-03-13 — Settlement Su…**: Joint submission that the matter…

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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/simplex-infrastructure-ltd-cpibno1539-kb-2019-3c004381