Anil Dhirubhai Ambani Ventures Pvt., a Reliance Group company, has submitted an interim application to the National Company Law Tribunal. The application requests that IIHL, the successful resolution applicant for Reliance Capital, be directed to cease using the 'Reliance' brand name immediately upon implementation of the resolution plan.
While approving IIHL's resolution plan on Feb. 27, the NCLT permitted the company to use the Reliance brand for three years from the date of the plan's approval to facilitate the implementation of the resolution.
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In its application, ADAVPL contends that the Brand Agreement between ADAVPL and RCAP does not grant any ownership interest in the brand to RCAP; it merely allows permissive use. Consequently, ADAVPL argues that the brand is not an 'asset' of RCAP under Section 18 of the Insolvency and Bankruptcy Code. Therefore, ADAVPL has requested the immediate cessation of brand usage by IIHL upon implementation of the resolution plan.
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According to sources close to the development, the brand Reliance is 50:50 jointly owned by Mukesh Ambani and Anil Ambani, and the same cannot be used by any other company or individual.
Additionally, it was noted that the Hinduja Group has registered its brand for RCAP companies in Mauritius.
ADAVPL also argued in its application that it was not heard during the NCLT proceedings when IIHL was granted permission to use the brand for three years, as it was not a party to the resolution plan.
The company emphasised that it had entered into a brand licensing agreement with RCAP on April 1, 2014, which granted RCAP a non-exclusive, royalty-free license to use the 'Reliance' brand for 10 years—a license that has since expired.
(With inputs from PTI)
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