Whether the Adjudicating Authority under IBC is vested with jurisdiction to decide title or right or ownership over Trademarks, when jurisdiction is conferred on District Judge as per the provisions of Trademarks Act – Deccan Chronicle Marketeers Vs. Deccan Chronicle Holdings Ltd. Represented by SREI Multiple Assets Investment Trust – Vision India Fund – NCLAT New Delhi
NCLAT observed that in the Plan, SRA did not claim such right over the Trademarks but only claimed right to use. As such the claim of ownership over Trademarks after approval of Resolution Plan by CoC is deemed to be extinguished in view of law declared by Hon’ble Apex Court. But the Adjudicating Authority did not examine the facts with reference to law. Right or ownership, if any, claimed after approval of Resolution Plan by CoC is extinguished and if ownership of Corporate Debtor is declared over the Trademarks, it would amount to modification or alteration of approved Resolution Plan by CoC which is impermissible.
