M/s. Trimex Sands Private Limited (the Petitioner/Operational Creditor) filed C.P. (IB) No.217/BB/2019 against M/s. Simplyfi Softech India Private Limited (the Respondent/Corporate Debtor) under Section 7 of the IBC, 2016, seeking to initiate CIRP due to a default of Rs.50,00,000/-. The case was listed on multiple dates, and the parties explored settlement. They executed a Joint Memo dated 12.02.2020, agreeing to settle the issue amicably. The Respondent agreed to pay Rs.54,32,740/- in installments. The Petitioner sought to withdraw the petition based on the settlement. The Respondent's counsel had no objection to the withdrawal and confirmed compliance with the settlement terms. The relevance of the facts lies in the settlement agreement reached between the parties,

M/s. Trimex Sands Private Limited (the Petitioner/Operational Creditor) filed C.P. (IB) No.217/BB/2019 against M/s. Simplyfi Softech India Private Limited (the Respondent/Corporate Debtor) under Section 7 of the IBC, 2016, seeking to initiate CIRP due to a default of Rs.50,00,000/-. The case was listed on multiple dates, and the parties explored settlement. They executed a Joint Memo dated 12.02.2020, agreeing to settle the issue amicably. The Respondent agreed to pay Rs.54,32,740/- in installments. The Petitioner sought to withdraw the petition based on the settlement. The Respondent's counsel had no objection to the withdrawal and confirmed compliance with the settlement terms. The relevance of the facts lies in the settlement agreement reached between the parties,