# In the matter of Three C Properties Private Limited I.A. 3816-2022 in Company Petition No. NO. 597-ND-2021

> NCLT judgment dated 2023-01-19. Citation: TCN-2023-NCLT-04987. The case involves an application filed by an applicant under Section 60(5) and Section 65 of…

- **Court:** NCLT
- **Order date:** 19 Jan 2023
- **Citation:** TCN-2023-NCLT-04987
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/three-c-properties-private-limited-ia-3816-2022-in-company-petition-no-no-597-nd-9fd53469

## Summary

### Background

The case involves an application filed by an applicant under Section 60(5) and Section 65 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking impleadment in C.P. (IB) No. 597/ND/2022 and dismissal of Petition C.P. (IB) No. 597/ND/2021. The applicant is seeking to be impleaded in the company petition and requesting the dismissal of the petition, alleging it is collusive and fraudulent. The applicant claims the petition was filed with malicious intent to defraud the Tribunal and home buyers.

## Facts

Ashmeet Singh Bhatia filed an application seeking impleadment in Company Petition No. 597/ND/2021 and dismissal of the petition. The application is based on allegations that the petition is fraudulent and collusive, filed with malicious intent to defraud the Tribunal and home buyers. The applicant also seeks an inquiry by the Serious Frauds Investigation Organizations (SFIO) into the financial frauds of Rs. hundreds of crores, intentionally and dishonestly perpetrated on the Corporate Debtor/SPC/M/s Three C Properties Pvt. Ltd. The applicant had previously filed a similar application (IA No 4971/2020) before the NCLT Principal Bench, which was dismissed on the ground that impleadment is not maintainable under Section 65 because CIRP had not been initiated. The

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## Issues and analysis

### Issue 1: Whether the applicant should be impleaded …

**Ratio:** The principle of locus standi is central to determining whether a party has the right to

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**Reasoning:** The court reasoned that a similar application by the same applicant was dismissed by the

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**Interpretation:** The interpretation of Section 65 of the IBC and the concept of locus standi are

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**Application:** The court applied the principle of locus standi to the specific facts of the

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI. RAHUL…
- **Appellants:** Ashmeet Singh…
- **Respondents:** Three C Properties…; Ashok Chand…

## Timeline

- **2021-01-01 — Filing of Company…**: Company Petition No.…
- **2021-05-31 — Dismissal of IA…**: IA No 4971/2020, a similar application by the same applicant, was dismissed by the NCLT…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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