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

> NCLT judgment dated 2023-09-12. Citation: TCN-2023-NCLT-01683. The case involves multiple IAs related to the insolvency resolution process of Three C…

- **Court:** NCLT
- **Order date:** 12 Sept 2023
- **Citation:** TCN-2023-NCLT-01683
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/three-c-universal-developers-pvt-ltd-be2987f3

## Summary

### Background

The case involves multiple IAs related to the insolvency resolution process of Three C Universal Developers Pvt. Ltd. One of the key issues revolves around a claim by an applicant (M/s. Jakson Limited) related to transactions allegedly defrauding creditors. The applicant sought various reliefs, including directing the respondent to provide information, admitting the applicant's claim, declaring the non-lodging of claims as fraudulent, reversing the effect of non-lodging of financial claims, staying the resolution plan, and directing an enquiry into the transactions. The Adjudicating Authority considered these prayers in light of Section 49 of the IBC Code, 2016.

## Facts

M/s. Jakson Limited filed applications (IAs) seeking various reliefs related to the insolvency resolution process of M/s. Three C Universal Developers Pvt. Ltd. Jakson Limited claimed that certain transactions defrauded creditors, specifically involving M/s Three C Green Developers Pvt. Ltd. The applicant sought directions for the respondent to provide information, admit claims, declare non-lodging of claims as fraudulent, reverse the effect of non-lodging of financial claims, stay the resolution plan, and direct an enquiry. The applicant claimed to have given a loan of Rs. 413 crores to the corporate debtor. The Resolution Professional (RP) argued that the applicant's claim was submitted beyond the scheduled time limit (31.12.2019, while the claim was submitted on

…

## Issues and analysis

### Issue 1: Whether the prayers of the Applicant are maintainable in terms of Section 49 of the IBC Code, 2016, …

**Ratio:** Section 49 of the IBC Code, 2016, allows the Adjudicating Authority to make orders

…

**Reasoning:** The court reasoned that none of the prayers of the applicant were maintainable under

…

**Interpretation:** Section 49 is interpreted to provide a remedy for transactions deliberately

…

**Application:** The court applied the ratio to the facts by finding that the applicant's

…

## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** M/s Jakson…
- **Respondents:** Three C Universal…; M/s Three C…

## Timeline

- **2019-12-31 — Last Date for…**: The last date for submission of a claim by…
- **2021-01-16 — CoC Approval of…**: The resolution plan was passed by the…

## 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)

---

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-universal-developers-pvt-ltd-be2987f3