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

> NCLT judgment dated 2020-03-13. Citation: TCN-2020-NCLT-01535. The case pertains to CP(IB)No.1539/KB/2019 before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 13 Mar 2020
- **Citation:** TCN-2020-NCLT-01535
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/simplex-infrastructure-ltd-cpibno1539-kb-2019-560da504

## Summary

### Background

The case pertains to CP(IB)No.1539/KB/2019 before the National Company Law Tribunal (NCLT), Kolkata Bench. The matter involves Union Roadways Corporation versus Simplex Infrastructures Ltd. The hearing took place on March 13, 2020. The matter was settled out of the Tribunal.

## Facts

The case involves Union Roadways Corporation as the Operational Creditor and Simplex Infrastructures Ltd. as the Corporate Debtor. The hearing was held on March 13, 2020. Both parties' counsels appeared before the NCLT, Kolkata Bench. A joint submission was made stating that the matter had been settled out of the Tribunal. Consequently, the Operational Creditor sought permission to withdraw the Corporate Petition (CP). The Tribunal granted permission, and the CP was disposed of as withdrawn. This indicates an out-of-court settlement between the parties, leading to the withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the Operational Creditor's request to withdraw the Corporate Petition (CP) should be …

**Ratio:** The principle is that if parties reach a settlement outside of court, the Operational

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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:** This issue involves the interpretation of the Insolvency and Bankruptcy Code

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**Application:** In this specific case, the Operational Creditor's request was granted because

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## Parties

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

## Timeline

- **2019-01-01 — Case Fil…**: CP(IB)No.1539/KB/2019…
- **2020-03-13 — Hearing…**: Hearing held on March…

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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-2019-560da504