# In the matter of Simplyfi Softech India Private Limited C.P. (IB) No. 217-BB-2019

> NCLT judgment dated 2020-02-12. Citation: TCN-2020-NCLT-01984. M/s. Trimex Sands Private Limited filed C.P. (IB) No.217/BB/2019 under Section 7 of the IBC,…

- **Court:** NCLT
- **Order date:** 12 Feb 2020
- **Citation:** TCN-2020-NCLT-01984
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/simplyfi-softech-india-private-limited-cp-ib-no-217-bb-2019-1318bf2e

## Summary

### Background

M/s. Trimex Sands Private Limited filed C.P. (IB) No.217/BB/2019 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Simplyfi Softech India Private Limited, alleging a default of Rs.50,00,000/-. The case was listed for admission on multiple dates, during which the parties explored settlement possibilities.

## Facts

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,

…

## Issues and analysis

### Issue 1: Whether the Company Petition C.P. (IB) No.217/BB/2019 can be disposed of as withdrawn based on the …

**Ratio:** A Company Petition can be disposed of as withdrawn when the parties have reached a

…

**Reasoning:** The court considered the Joint Memo executed by the parties, indicating a settlement to

…

**Interpretation:** This interpretation allows for the withdrawal of a Company Petition when the

…

**Application:** In this case, the court applied the ratio by allowing the withdrawal of C.P.

…

## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s. Trimex Sands…
- **Respondents:** M/s. Simplyfi…
- **Advocates:** A Mur…; Karan J…; +1 more

## Timeline

- **2019-06-26 — Case Listed for…**: The case was initially…
- **2019-07-11 — Case Listed for…**: The case was listed for…

---

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/simplyfi-softech-india-private-limited-cp-ib-no-217-bb-2019-1318bf2e