The Mumbai bench of the National Company Law Tribunal ( NCLT) has dismissed an application filed by Anil Dhirubhai Ambani Ventures Pvt Ltd ( ADAVPL), which sought to restrain IndusInd International Holdings (IIHL), the successful bidder for Reliance Capital, from using the ‘Reliance’ brand following the implementation of its resolution plan.
On Friday, a division bench comprising Justice V.G. Bisht and technical member Prabhat Kumar orally dismissed the application filed by ADAVPL, according to two individuals familiar with the matter. A detailed order had not been uploaded at the time of this report.
A spokesperson for the ADA Reliance Group could not be reached for comment.
In its application, ADAVPL argued that the brand agreement does not create any interest in the brand in favour of Reliance Capital but only allows permissive use thereof.
The NCLT, in its February 27 order approving IIHL’s resolution plan, had allowed the company to use the ‘Reliance’ brand for three years from the date of the plan’s approval to facilitate the resolution process.
In its application, the Anil Ambani-promoted company argued that it was not heard while allowing the IIHL to use the brand for 3 years, as it was not a party to the resolution plan.
In this case, counsel Rohan Kadam and advocate Sagar Vichare represented Nageswara Rao Y, the central bank-appointed administrator.
ADAVPL further argued that it had entered into a brand licensing agreement with Reliance Capital on April 1, 2014, granting a non-exclusive, royalty-free license to use the 'Reliance' brand for 10 years—a period that has now expired.
On February 27, the NCLT's Mumbai bench approved an application by the Reliance Capital administrator, sanctioning the acquisition of the Anil Ambani-promoted company by the Hinduja Group-owned IIHL through the insolvency resolution process.
In June of last year, 99% of Reliance Capital’s lenders voted in favour of IIHL’s plan.
On Friday, a division bench comprising Justice V.G. Bisht and technical member Prabhat Kumar orally dismissed the application filed by ADAVPL, according to two individuals familiar with the matter. A detailed order had not been uploaded at the time of this report.
A spokesperson for the ADA Reliance Group could not be reached for comment.
In its application, ADAVPL argued that the brand agreement does not create any interest in the brand in favour of Reliance Capital but only allows permissive use thereof.
The NCLT, in its February 27 order approving IIHL’s resolution plan, had allowed the company to use the ‘Reliance’ brand for three years from the date of the plan’s approval to facilitate the resolution process.
In its application, the Anil Ambani-promoted company argued that it was not heard while allowing the IIHL to use the brand for 3 years, as it was not a party to the resolution plan.
In this case, counsel Rohan Kadam and advocate Sagar Vichare represented Nageswara Rao Y, the central bank-appointed administrator.
ADAVPL further argued that it had entered into a brand licensing agreement with Reliance Capital on April 1, 2014, granting a non-exclusive, royalty-free license to use the 'Reliance' brand for 10 years—a period that has now expired.
On February 27, the NCLT's Mumbai bench approved an application by the Reliance Capital administrator, sanctioning the acquisition of the Anil Ambani-promoted company by the Hinduja Group-owned IIHL through the insolvency resolution process.
In June of last year, 99% of Reliance Capital’s lenders voted in favour of IIHL’s plan.
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