INSUBCONTINENT EXCLUSIVE:
ILLUSTRATION: AJAY MOHANTY3 min read Last Updated Aug 19 2024 | 11:17 PM IST
Anil Dhirubhai Ambani Ventures (ADAVPL), a company owned by
Anil Ambani, has approached the National Company Law Tribunal (NCLT) in Mumbai, requesting the court to direct Hinduja-owned IndusInd
implementing the resolution plan.
IIHL recently paid the entire Rs 9,641 crore to the lenders to acquire RCap, which had been sent for
debt resolution in December 2021 after defaulting on loans worth Rs 25,000 crore
Interestingly, Mukesh Ambani-owned Jio Financial Services is expanding its financial services business in India
application, ADAVPL contends that the brand agreement does not grant any ownership interest in the brand to RCap but only permits its use
an immediate cessation of brand use by IIHL following the implementation of the resolution plan.
ADAVPL also argues that it was not heard
before IIHL was granted the right to use the brand for three years, as it was not a party to the resolution plan.
The application notes
that RCap, currently undergoing the insolvency resolution process, entered into a brand licensing agreement with ADAVPL in April 2014
Under this agreement, ADAVPL granted RCap a non-exclusive, royalty-free licence to use the brand for 10 years, which has now expired.
The
