# In the matter of Three C Shelters Pvt. Ltd. IA-3304-ND-2022 in IB-2721-ND-2019

> NCLT judgment dated 2023-06-16. Citation: TCN-2023-NCLT-02893. The case involves an application (IA/3304/ND/2023) filed on behalf of the Interim Resolution…

- **Court:** NCLT
- **Order date:** 16 Jun 2023
- **Citation:** TCN-2023-NCLT-02893
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/three-c-shelters-pvt-ltd-ia-3304-nd-2022-in-ib-2721-nd-2019-f30ab085

## Summary

### Background

The case involves an application (IA/3304/ND/2023) filed on behalf of the Interim Resolution Professional (IRP) seeking directions against the Insolvency and Bankruptcy Board of India (IBBI). The application includes a request to prevent IBBI from initiating proceedings against the applicant and to stay any investigation/proceeding related to the case's subject matter. The Adjudicating Authority had previously issued certain directions on 2023-05-26 to be carried out by the IRP. The applicant contends that the IBBI notices dated 2023-05-29 and 2023-06-13 are directly related to the Adjudicating Authority's directions.

## Facts

An application (IA/3304/ND/2023) was filed by the Interim Resolution Professional (IRP) seeking directions against the Insolvency and Bankruptcy Board of India (IBBI). The IRP requested the court to prevent the IBBI from initiating any proceedings against the applicant and to stay any investigation or proceeding related to the subject matter of the case. The Learned Counsel for the IBBI was present and acknowledged the notice. The Adjudicating Authority had issued certain directions on 2023-05-26 to be carried out by the IRP. The applicant argued that the IBBI's notices dated 2023-05-29 and 2023-06-13 are directly related to the directions issued by the Adjudicating Authority. The Learned Counsel for the IBBI requested two weeks to file a reply. The court granted the

…

## Issues and analysis

### Issue 1: Whether the IBBI should be restrained from initiating proceedings against the IRP during the …

**Ratio:** The principle of maintaining the status quo and preventing prejudice to a party while a

…

**Reasoning:** The court reasoned that allowing the IBBI to take action against the IRP while the matter

…

**Interpretation:** This issue involves interpreting the balance of power and responsibilities

…

**Application:** The court applied this principle by temporarily restraining the IBBI from

…

## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** M/s Straight Edge…
- **Respondents:** M/s Three C…
- **Advocates:** T. Si…; Abhij…; +6 more

## Timeline

- **2023-05-26 — Adjudicating Authority…**: Adjudicating Authority issued certain…
- **2023-05-29 — IBBI Not…**: IBBI issued a notice related to…

---

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-division-bench-court-i-chenn/three-c-shelters-pvt-ltd-ia-3304-nd-2022-in-ib-2721-nd-2019-f30ab085