# In the matter of SImplex Projects Limited IA(I.B.C)-1000(KB)2019 in C.P. (IB)-56(KB)2019

> Read the full IBC case summary for In the matter of SImplex Projects Limited IA(I.B.C)-1000(KB)2019 in C.P. (IB)-56(KB)2019. NCLT judgment dated 2022-04-27.…

- **Court:** NCLT
- **Order date:** 27 Apr 2022
- **Citation:** TCN-2022-NCLT-04902
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/simplex-projects-limited-iaibc-1000kb2019-in-cp-ib-56kb2019-3f419220

## Summary

### Background

State Bank of India (SBI) filed a petition under section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Simplex Projects Limited due to a default in financial debt. ICICI Bank Limited filed an intervention application, and Simplex Projects Limited filed an application to dismiss the main petition.

## Facts

State Bank of India (SBI), acting as the Financial Creditor, filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Simplex Projects Limited, the Corporate Debtor. The petition was filed on January 10, 2019, alleging a default of Rs. 228,52,57,339.81/-, including interest as of December 31, 2018, with the date of default stated as September 30, 2016.

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## Issues and analysis

### Issue 1: Whether the Section 7 petition filed by State Bank of India is in breach of settlement or lacks…

**Ratio:** The right to initiate Corporate Insolvency Resolution Process under Section 7 of the IBC…

**Reasoning:** The Joint Lenders Forum (JLF) minutes of January 29, 2018, indicated that restructuring…

**Interpretation:** The court interpreted the JLF minutes as evidence that restructuring was not…

**Application:** The NCLT applied this interpretation to the facts, finding that the Corporate…

## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Advocates:** Joy S…; Suhani Dw…; +6 more

## Timeline

- **December 19, 2007 — Loan Agre…**: Corporate Debtor availed working capital…
- **October 30, 2009 — Agreement o…**: Corporate Debtor availed working capital…

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