On Friday, a division bench comprising Justice V.G. Bisht and technical member Prabhat Kumar orally dismissed the appliance filed by ADAVPL, in accordance with two people aware of the matter. An in depth order had not been uploaded on the time of this report.
A spokesperson for the ADA Reliance Group couldn’t be reached for remark.
In its software, ADAVPL argued that the model settlement doesn’t create any curiosity within the model in favour of Reliance Capital however solely permits permissive use thereof.
The NCLT, in its February 27 order approving IIHL’s decision plan, had allowed the corporate to make use of the ‘Reliance’ model for 3 years from the date of the plan’s approval to facilitate the decision course of.
In its software, the Anil Ambani-promoted firm argued that it was not heard whereas permitting the IIHL to make use of the model for 3 years, because it was not a celebration to the decision plan.On this case, counsel Rohan Kadam and advocate Sagar Vichare represented Nageswara Rao Y, the central bank-appointed administrator.ADAVPL additional argued that it had entered right into a model licensing settlement with Reliance Capital on April 1, 2014, granting a non-exclusive, royalty-free license to make use of the ‘Reliance’ model for 10 years—a interval that has now expired.
On February 27, the NCLT’s Mumbai bench authorised an software by the Reliance Capital administrator, sanctioning the acquisition of the Anil Ambani-promoted firm by the Hinduja Group-owned IIHL by way of the insolvency resolution course of.
In June of final yr, 99% of Reliance Capital’s lenders voted in favour of IIHL’s plan.
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