M/s. Trimex Sands Private Limited, the operational creditor, filed C.P. (IB) No.217/BB/2019 against M/s. Simplyfi Softech India Private Limited, the corporate debtor, under Section 7 of the IBC, 2016, alleging a default of Rs. 50,00,000. The case was listed for admission on various dates between June 2019 and February 2020. During this period, the parties explored settlement options. A Joint Memo dated 12.02.2020 was executed, outlining a payment plan where the respondent would pay Rs. 54,32,740 to the applicant in installments via bank cheques with specific dates. The petitioner sought to withdraw the petition based on this settlement, and the respondent did not object. The relevance of the settlement is that it allowed the parties to resolve the dispute amicably,

M/s. Trimex Sands Private Limited, the operational creditor, filed C.P. (IB) No.217/BB/2019 against M/s. Simplyfi Softech India Private Limited, the corporate debtor, under Section 7 of the IBC, 2016, alleging a default of Rs. 50,00,000. The case was listed for admission on various dates between June 2019 and February 2020. During this period, the parties explored settlement options. A Joint Memo dated 12.02.2020 was executed, outlining a payment plan where the respondent would pay Rs. 54,32,740 to the applicant in installments via bank cheques with specific dates. The petitioner sought to withdraw the petition based on this settlement, and the respondent did not object. The relevance of the settlement is that it allowed the parties to resolve the dispute amicably,