During the CIRP, assignment of Trade Mark on behalf of the Corporate Debtor is clear violation of the moratorium under Section 14 of the IBC – Amit C. Poddar The RP of Prince SWR Systems Pvt. Ltd. Vs. Prince SWR Systems Pvt. Ltd. – NCLT Mumbai Bench

/ 12 minutes of reading

NCLT Mumbai Bench held that:
(i) After the admission order passed on 16.04.2021, CIRP was initiated against the Corporate Debtor and consequently the moratorium under Section 14 of IBC was also imposed. Subsequent to the order dated 16.04.2021, the Committee of Creditors was constituted on 14.05.2021 and the first meeting of the COC was held on 29.05.2021. It is well after that the Respondent No.3 executed a Consent/No Objection Letter on behalf of the Corporate Debtor for transferring of the Trade Mark on 08.06.2021, which is in clear violation of the moratorium under Section 14 of the IBC.
(ii) Transferring of the any assets which then belong to the Corporate Debtor to any other person could only be considered to be a nullity and bad in law.

During the CIRP, assignment of Trade Mark on behalf of the Corporate Debtor is clear violation of the moratorium under Section 14 of the IBC – Amit C. Poddar The RP of Prince SWR Systems Pvt. Ltd. Vs. Prince SWR Systems Pvt. Ltd. – NCLT Mumbai Bench Read Post »