“Disputes Dehors Insolvency Cannot Be Dressed Up As CIRP Issues Merely Because They Arise During The Process” – In a ruling that will serve as a judicial compass for insolvency professionals, resolution applicants and adjudicating authorities alike, the Supreme Court in Gloster Limited v. Gloster Cables Limited & Ors., firmly held that insolvency tribunals cannot declare ownership of trademarks merely because the dispute surfaces during the Corporate Insolvency Resolution Process (CIRP). The Court set aside the finding of the National Company Law Tribunal (NCLT), Kolkata, which had declared the trademark “Gloster” as an asset of the Corporate Debtor.
Declaring that Section 60(5)(c) of the…