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.

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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