- Date of judgment
- Judge
- K.V. Viswanathan
- Outcome
- Disposed of
Headnote
The finding of the National Company Law Tribunal that the trade mark "Gloster" was an asset of the corporate debtor was set aside as perverse, in gross violation of natural justice, and beyond the scope of the enquiry, which concerned approval of the resolution plan. The Supreme Court held that a transaction sought to be brought within sections 43, 45, 46, 47 or 66 of the Insolvency and Bankruptcy Code requires specific material to be pleaded and an application moved by the Resolution Professional, with the party against whom relief is sought put on notice. The appellate tribunal's own finding on where title vested was equally beyond jurisdiction and was also set aside.
Headnote by BRB Legal, written from the judgment: a summary for reference, not legal advice. Read the judgment itself before relying on it.