# In the matter of Three C Universal Developers Pvt. Ltd.

> NCLT judgment dated 2025-04-07. Citation: TCN-2025-NCLT-00240. The case involves an application for the replacement of Mr. Rakesh Kumar Gupta as the…

- **Court:** NCLT
- **Order date:** 7 Apr 2025
- **Citation:** TCN-2025-NCLT-00240
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/three-c-universal-developers-pvt-ltd-6c014ef3

## Summary

### Background

The case involves an application for the replacement of Mr. Rakesh Kumar Gupta as the Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of Three C Universal Developers Pvt. Ltd. The application was filed due to the suspension of Mr. Gupta by the IBBI. The Tribunal considered the submissions of the parties and the order passed by the IBBI suspending Mr. Gupta.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Three C Universal Developers Pvt. Ltd. was underway. Mr. Rakesh Kumar Gupta was serving as the Resolution Professional (RP). The IBBI passed an order suspending Mr. Rakesh Kumar Gupta. An application was filed seeking the replacement of Mr. Rakesh Kumar Gupta as the RP. The State Bank of India moved an application for early hearing due to concerns about the continuation of the existing RP and his competence. The Tribunal considered the submissions of the parties, including the order of suspension passed by the IBBI and the judgment of the NCLAT. The Tribunal noted that Mr. Gupta had erred in constituting the Committee of Creditors (CoC) and had breached timelines in inviting Expression of Interest. The Tribunal also

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## Issues and analysis

### Issue 1: Whether the suspension of the Resolution Professional (RP) warrants his replacement in the …

**Ratio:** The suspension of an RP by the IBBI renders him ineligible to continue functioning in the

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**Reasoning:** The Tribunal relied on the judgment of the NCLAT, which held that a suspended IP lacks

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**Interpretation:** The suspension order effectively removes the RP's authority to act, creating a

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**Application:** In this case, the suspension of Mr. Rakesh Kumar Gupta by the IBBI warranted

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## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** Jakson Li…
- **Respondents:** Three C Universal…
- **Advocates:** Prachi…; Abhishek…; +4 more

## Timeline

- **2024-07-30 — IBBI Ord…**: IBBI passed an order…
- **2024-07-25 — Tribunal…**: Tribunal passed an order in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 105 — Repayment plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-105)

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