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2022 (3) TMI 1172 - Tri - Insolvency and BankruptcyVesting of right to use of the trade mark CONCEPT Educations to Corporate Debtor - accounting for the benefits received by it by use of the trade mark CONCEPT Educations till date and pay such sum to the account of the Corporate Debtor in terms of Section 48(c) of the Code - appointment of an independent expert to assess evidence relating to the value of the trade mark CONCEPT Educations - HELD THAT:- There was a partnership agreement dated 01/02/2019 between the CD and the Respondent no 1 whereby they agreed to carry on a business in the name of Potential and Concept Educations. Subsequently, there is a deed of Agreement dated 08/02/2019, a week after, in which the “right to use” of the above Trade Mark “CONCEPT Education” for 15 years is transferred in favour of the R1 for a mere ₹ 10 Lakhs Furniture, fixtures and Electronics were also transferred in favour of R1 - Further, there is a Deed of Reconstitution of Partnership dated 19/09/2019 by which the CD is ousted and the spouse of the Respondent no 2 and 3 are inducted as partners. The submissions of the Respondent No. 3 that the RP has not followed the provision of the Code as well as Regulations and even after bared by limitation, the application has been filed by the RP without supporting any condonation application do not carry much substance as he himself, as a Suspended Director of the CD has not been co-operating with the RP in completing the process of CIRP - However, the delay in filing this petition by the RP is justified due to Covid Restrictions and non-availability of all financial papers to the Transaction Auditor and the RP from the Suspended Management. Both the R1 and R3 have agreed and given in writing that the RP has given wrong impression that Trade Mark has been sold to the Respondent No. 1. In fact, both the Respondents have confirmed that the CD has still ownership right over the Trade Mark “CONCEPT EDUCATION” and only right to use the Trade Mark is given for 15 years to R1 against payment of ₹ 10.00 lacs and imparting education for 300 students of the CD for a year - Return of trademark to CD is the part of the Resolution Plan. Hence the “right to use” of the trade mark “CONCEPT Educations” is required to be cancelled. There is no liability or any obligations from either side in relation to the use of Trademark from today but it is made clear that the matters of non-cooperation of the Suspended Management, their agreements with the Potential Coaching Institute Pvt. Ltd for use of Trademark for ₹ 10.00 lacs for fifteen years and subsequent withdrawal from the partnership shall be heard along with other IAs filed by the RP under Sections 19, 43, and 66 of IBC 2016 - petition disposed off.
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