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

> NCLT judgment dated 2023-09-12. Citation: TCN-2023-NCLT-01670. 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-01670
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/three-c-universal-developers-pvt-ltd-e6d5c448

## 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, Three C Green Developers Pvt. Ltd., which alleges that the non-lodging of its claim with Three C Universal Developers Pvt. Ltd. defrauded its creditors. The applicant sought various reliefs, including directing the respondent to admit the claim, declaring the non-lodging of the claim as fraudulent, reversing the effect of non-lodging, staying the resolution plan, and initiating an inquiry into the transaction. The Adjudicating Authority considered these prayers in light of Section 49 of the IBC Code, 2016.

## Facts

M/s. Jakson Limited filed an application (IA-1688/2022) under Section 49 of the IBC seeking multiple reliefs against M/s. Three C Universal Developers Pvt. Ltd. The applicant, Three C Green Developers Pvt. Ltd., claimed that the non-lodging of its claim with Three C Universal Developers Pvt. Ltd. defrauded its creditors. The applicant sought to direct respondent no. 2 to provide relevant information, admit the applicant's claim on behalf of the COC of Three C Green Developers Pvt. Ltd., declare the non-lodging of the claim as fraudulent, reverse the effect of non-lodging, stay the resolution plan, and initiate an inquiry. The applicant claimed to have given a loan of Rs. 413 crores to the corporate debtor, M/s Three C Universal Developers Pvt. Ltd., which was reflected

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## 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, pertains to transactions defrauding creditors. The

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**Reasoning:** The court considered the provisions of Section 49 of the IBC Code, 2016, and determined

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**Interpretation:** Section 49 of the IBC Code, 2016, is interpreted to apply to transactions where

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**Application:** In this case, the court found that the applicant's claims did not sufficiently

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## Parties

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

## Timeline

- **2016-09-06 — Incorporation of…**: Juristica Legal Services…
- **2016-06-01 — Letter of Eng…**: The letter of engagement by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 49 — Transactions defrauding creditors](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-49)

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