# In the matter of Stesalit System Ltd. (Previosly known as Stesait Ltd.) CP (IB) No. 1191-KB-2018

> NCLT judgment dated 2019-02-11. Citation: TCN-2019-NCLT-04919. The case pertains to CP (IB) No. 1191/KB/2018 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 11 Feb 2019
- **Citation:** TCN-2019-NCLT-04919
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/stesalit-system-ltd-previosly-known-as-stesait-ltd-cp-ib-no-1191-kb-2018-38281c48

## Summary

### Background

The case pertains to CP (IB) No. 1191/KB/2018 before the National Company Law Tribunal, Kolkata Bench, involving IQ Systems and Researcher Pvt. Ltd. as the Operational Creditor and Stesalit Systems Ltd. (formerly known as Stesalt Ltd.) as the Corporate Debtor. The matter was listed for hearing on February 11, 2019.

## Facts

IQ Systems and Researcher Pvt. Ltd. filed a Corporate Petition (CP (IB) No. 1191/KB/2018) against Stesalit Systems Ltd. (formerly known as Stesalt Ltd.). The case was heard on February 11, 2019. Counsel for both the Operational Creditor and the Corporate Debtor jointly submitted that the matter had been settled out of the Tribunal. The Operational Creditor then filed an application to withdraw the C.P., seeking permission from the Registry. The key fact is the out-of-court settlement, leading to the withdrawal application.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant permission to the Operational Creditor to withdraw the Corporate …

**Ratio:** The Tribunal has the discretion to allow the withdrawal of a Corporate Petition if the

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**Reasoning:** The court acknowledged the joint submission of the counsels representing the Operational

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**Interpretation:** This reflects the principle that courts generally encourage settlements between

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**Application:** Given the settlement between IQ Systems and Researcher Pvt. Ltd. and Stesalit

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## Parties

- **Judges:** Jinan…
- **Respondents:** Stesalit Systems…
- **Advocates:** Ichan den…; Dipankar…

## Timeline

- **2019-02-11 — Hearing…**: Hearing held on February…
- **N/A — Settleme…**: Matter settled out of…

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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/stesalit-system-ltd-previosly-known-as-stesait-ltd-cp-ib-no-1191-kb-2018-38281c48