2022 (2) TMI 837

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...." is not an asset of the Corporate Debtor and declaration is also sought to the corporate debtor, through resolution professional that usage of the registered trademark "RATHI" in any manner is illegal and beyond his authority under the provisions of the Insolvency & Bankruptcy Code. 2. The facts that led to the filing of the present application are as follows: a. It is submitted that this adjudicating authority vide order dated 10.04.2019 has admitted the section 9 petition and CIR Process initiated of Corporate Debtor and Mr. Anshul Gupta was appointed as IRP and was later confirmed as Resolution Professional, it is stated that by virtue of section 17(1)(b) of IBC, 2016 the management of the affairs of the corporate debtor vested in th....

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....athi is a registered trade mark belonging to a trust wherein the trustees are Rathi family members. As we are made to understand, this brand/trademark is not the property of RGTL Industries Limited. As per the MOU/trust deed between the Rathi family members this brand/trademark is allowed to be used only if the members of Rathi family holds at least 51% shareholding in the subject Company (using the brand/trademark) and management and control vests with the person/company holding such percentage of shareholding...." c. It is averred that vide letter dated 07.12.2019 issued by Shri Rajkumar Rathi confirmed that upon appointment of resolution professional by the Hon'ble NCLT, the trademark "RATHI" stand automatically revoked and same is....

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....on is filed strictly in view of the observation given by the Hon'ble Delhi High Court in order dated 16.10.2020, therefore, prayed the prayer sought in the application may be allowed. 3. The Respondent (erstwhile resolution professional and now liquidator) has filed reply to the present application raised the objection regarding maintainability of the present application and further submitted that the applicant should not be allowed for forum shopping as the same subject matter is still pending before the Hon'ble Delhi High Court. It is stated that 'RATHP is a well-known trademark in the business of Steel and Saria and has been used by the Corporate Debtor since its inception. It is stated as on date of appointment of Liquidato....

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....owner of the trademark "RATHI" and same was never made the part of the asset of corporate debtor, hence, we believe that there is no need to pass any direction with respect to registered trademark "RATHI" is not an asset of the Corporate Debtor. The applicant further sought the direction that usage of the registered trademark "RATHI" by the corporate debtor through resolution professional in any manner is illegal and beyond his authority under the provisions of the Insolvency & Bankruptcy Code, to which it is submitted by the respondent that usage of the trademark cannot be restricted by the applicant as the license was granted to the corporate debtor without any condition for usage and furthermore, similar relief is sought by the applicant....