FGIL was admitted into CIRP in August 2018 on an application filed by a former employee. During the resolution process, Gloster Limited emerged as the successful resolution applicant, with its plan receiving over 72% approval from the committee of creditors.
However, during the pendency of the plan approval, Gloster Cables Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), seeking a direction that the trademark “Gloster” be excluded from the assets of the corporate debtor. GCL claimed ownership based on a series of agreements.
The NCLT (Kolkata Bench) dismissed GCL’s application but incidentally recorded a finding that the trademark was an asset of the corporate debtor, thereby vesting it…