The ads created by HHCL & Partners feature a man desperate for a Pot Noodle trawling the red light district in an attempt to find someone who can satisfy his passion for the instant meal.
Most of the complaints were concerned with the use of the word slag, and the ad's concept of a man visiting prostitutes until he finds one who will share a pot noodle.
The Pot Noodle ads are already restricted to being shown after 7.30pm because of the adult nature of the content.
Whether the ITC decides to ask HHCL to change the ads will largely depend on whether they are deemed offensive to adults. If they are only seen to be offensive to children they can be moved to a later time.
However, the ITC can remove the ads and ask the advertiser to change the inappropriate content.
A spokeswoman said: "The ITC does not ban ads, but requests that ads are changed if they are found to be offensive to adults. It is then up to the advertiser to decide whether they want to make the changes and resubmit the ads or not."
In the recent case of the Microsoft Xbox ads, the ITC required that the ads be changed after it upheld 136 complaints from viewers that the campaign was offensive.
The ads, created by BBH, show a baby being born and flying through the air as it grows into a man, and ends with the man diving into the grave. BBH and Microsoft decided to pull the ads in that instance rather than change the content.
The ITC said it has received 106 complaints about the latest ads for Hula Hoops, which announces that electric eels have been let loose in the UK's water supply because children who have seen them are scared to go to the toilet.
The latest Carling ad, which shows a man licking his house clean after his girlfriend comes home to find he has not done the housework, has drawn 40 complaints.
This ad is controversial because, although alcohol advertising restrictions prevent it being shown close to children's programming, it is being screened during the day around World Cup matches, when children are watching.
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