# 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-04913. 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-04913
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/stesalit-system-ltd-previosly-known-as-stesait-ltd-cp-ib-no-1191-kb-2018-739a48a0

## 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. (Operational Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against Stesalit Systems Ltd. (Corporate Debtor) under Section 9 of the IBC. The matter was listed before the NCLT Kolkata Bench. During the proceedings, the Operational Creditor and Corporate Debtor jointly submitted that the matter had been settled out of the Tribunal. Consequently, the Operational Creditor filed an application to withdraw the C.P. The Tribunal granted permission for the withdrawal, disposing of the C.P.

## Issues and analysis

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

**Ratio:** When a matter is settled out of court, the applicant is entitled to withdraw the

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**Reasoning:** The Tribunal acknowledged the joint submission of the Operational Creditor and the

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**Interpretation:** The legal principle is that parties have the autonomy to settle disputes

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**Application:** In this case, the Operational Creditor and the Corporate Debtor settled the

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## Parties

- **Judges:** Jinan…
- **Respondents:** Stesalit Systems…

## Timeline

- **2018-01-01 — CP (IB)…**: CP (IB) No. 1191/KB/2018…
- **2019-02-11 — Hearing…**: Hearing held on February…

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