# In the matter of Three C Universal Developers Private Limited (IB)-2582 (ND) 2019

> NCLT judgment dated 2019-12-17. Citation: TCN-2019-NCLT-00145. The case involves a petition filed by Jakson Limited, an operational creditor, under Section 9…

- **Court:** NCLT
- **Order date:** 17 Dec 2019
- **Citation:** TCN-2019-NCLT-00145
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/three-c-universal-developers-private-limited-ib-2582-nd-2019-5faa69bf

## Summary

### Background

The case involves a petition filed by Jakson Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Three C Universal Developers Private Limited, the corporate debtor. Jakson Limited sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Three C Universal Developers Private Limited due to unpaid operational debt. The operational debt arose from agreements where Jakson Limited paid security/performance deposits to Three C Universal Developers Private Limited for identifying real estate development opportunities.

## Facts

Jakson Limited, the operational creditor, and Three C Universal Developers Private Limited, the corporate debtor, entered into agreements on 03.03.2016 and 12.07.2016. Under these agreements, Jakson Limited was to provide interest-free refundable security/performance deposits to Three C Universal Developers Private Limited, which was obligated to identify suitable real estate development opportunities in the NCR. Jakson Limited paid a total of Rs. 16,99,00,000 as security deposits. Three C Universal Developers Private Limited failed to identify suitable real estate opportunities by 23rd February 2018, leading to an extension of the agreements until 28th February 2019. Three C Universal Developers Private Limited acknowledged the liability of Rs. 16,99,00,000 via an

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## Issues and analysis

### Issue 1: Whether the petition filed by the operational creditor, Jakson Limited, under Section 9 of the IBC, …

**Ratio:** Section 9 of the IBC allows an operational creditor to initiate CIRP against a corporate

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**Reasoning:** The court considered the documents and submissions made by the operational creditor,

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**Interpretation:** Section 9 of the IBC provides a mechanism for operational creditors to recover

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**Application:** The court found that Jakson Limited had met the requirements under Section 9 of

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## Parties

- **Judges:** Ch. Mohd Sharief…; L. N. G…
- **Appellants:** Jakson Li…
- **Respondents:** Three C Universal…

## Timeline

- **2016-03-03 — Agreement between Jakson Limited and Three C…**: Jakson Limited and Three C Universal Developers Private Limited entered into an…
- **2016-07-12 — Second Agreement between Jakson Limited and…**: Jakson Limited and Three C Universal Developers Private Limited entered into another…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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