# 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-01989. 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-01989
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/simplyfi-softech-india-private-limited-cp-ib-no-217-bb-2019-475f29f8

## 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 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,

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## Issues and analysis

### Issue 1: Whether the petitioner should be permitted to withdraw the Company Petition based on a settlement …

**Ratio:** A company petition can be withdrawn if the parties have reached a settlement and the

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**Reasoning:** The court noted that the parties had settled the issue and executed a Joint Memo. The

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**Interpretation:** This interpretation allows for the withdrawal of a company petition when a

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**Application:** In this case, the petitioner sought to withdraw the petition based on a

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s. Trimex Sands…
- **Respondents:** M/s. Simplyfi…

## Timeline

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

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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