# In the matter of Three C Developers Private Limited

> NCLT judgment dated 2025-03-18. Citation: TCN-2025-NCLT-01052. M/s Jakson Limited initiated CIRP against M/s Three C Universal Developers Pvt Ltd under…

- **Court:** NCLT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLT-01052
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/three-c-developers-private-limited-690eb472

## Summary

### Background

M/s Jakson Limited initiated CIRP against M/s Three C Universal Developers Pvt Ltd under Section 9 of IBC, 2016. The Tribunal ordered the initiation of CIRP on 17.02.2019. Mr. Rakesh Kumar Gupta is the Resolution Professional.

## Facts

M/s Jakson Limited initiated CIRP against M/s Three C Universal Developers Pvt Ltd under Section 9 of IBC, 2016.

The Tribunal ordered the initiation of CIRP on 17.02.2019.

Mr. Rakesh Kumar Gupta is the Resolution Professional.

The Resolution Professional filed I.A. No. 3054 of 2021 under Section 66 of the Code against suspended directors and promoters of the Corporate Debtor.

Applicants in I.A. No. 4750/2024 sought removal of their names from the array of Respondents in I.A. No. 3054/2021.

The RP contended that the Applicants were involved in defrauding the creditors by selling land parcels to the Corporate Debtor at exorbitant rates.

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## Issues and analysis

### Issue 1: Whether third parties, who sold land to the Corporate Debtor, can be considered 'any persons who …

**Ratio:** The law laid down by the Hon'ble Supreme Court cannot be diluted by a lower

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**Reasoning:** The Adjudicating Authority relied on the judgment of the Hon'ble Supreme Court in

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**Interpretation:** Section 66 of the Code can only be invoked against persons who were responsible

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**Application:** In the facts of the present case, an application under Section 66 of the Code,

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## Parties

- **Judges:** Sh. Ashok Kumar…; ANIL RAJ C…
- **Appellants:** M/s Jakson…; Santosh…; +3 more
- **Respondents:** M/s Three C…; Rakesh Kuma…
- **Advocates:** Sumesh D…; Karan K…; +4 more

## Timeline

- **2019-02-17 — Initiation…**: Tribunal directed the initiation of Corporate Insolvency Resolution Process against the…
- **N/A — I.A. No. 30…**: The Respondent/ RP had preferred I.A. No. 3054 of 2021 under Section 66 of the Code…

## 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)

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