Gloster Limited v. Gloster Cables Limited & Ors., 2026 INSC 81 - S.60 IBC - Trademark Title

Insolvency and Bankruptcy Code 2016 - Section 60 - The interpretation of the phrase “arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under this Code” will have to be contextualized with the facts arising in a given CIRP - The examination in each case will depend on the facts as they present themselves in a given CIRP - In this case, SC held that NCLT could not, under Section 60(5)(c) IBC, declare title to the trademark “Gloster” in favor of the Successful Resolution Applicant. (Para 25-37)

Insolvency and Bankruptcy Code 2016 - Sections 43,55- To make out a case under Sections 43 and 45 of the IBC, rigorous scrutiny of documents and threadbare examination of the transactions needed to be undertaken and it could not have been carried out superficially- Section 47- If the Resolution Professional, in a given CIRP does not move an application, resort to Section 47 of the IBC could be had vis-à-vis undervalued transactions by a creditor, member or a partner of a corporate debtor as the case may be and they may move an application to the Adjudicating Authority to declare such transactions void and reverse their effect in accordance with the provisions of the IBC. (Para 43) -The parties mentioned therein while moving an application under Section 47, ought to set out sufficient materials and the party against whom the relief is sought ought to be put on notice of the averments and the relief prayed. (Para 49)