The case involves an application filed by the Promoter, Director, and Shareholder of Hindustan Magnesium Products Private Limited (Corporate Debtor) challenging Clause 6(r) of the Resolution Plan submitted by Respondent No. 2. The applicant contends that Clause 6(r) is illegal because the Corporate Debtor has not developed any technical know-how relating to the manufacturing of Aluminum and Magnesium Alloy, and no intellectual property right was registered or assigned in the name of the Corporate Debtor. The applicant argues that the Information Memorandum did not contain the 'technical know-how and IP' related to manufacturing of Aluminium and Magnesium Alloys and components, which was duly developed by the Applicant and exclusively belongs to the Applicant.
Bala Anand Jeldi, the Promoter, Director, and Shareholder of Hindustan Magnesium Products Private Limited (Corporate Debtor), filed an application challenging Clause 6(r) of the Resolution Plan. The Company Petition was admitted under Section 7 of the IBC, and Shri V. Shankar was appointed as the Interim Resolution Professional. The COC approved the resolution plan submitted by Respondent No. 2. The applicant contended that Clause 6(r) is illegal because the Corporate Debtor has not developed any technical know-how relating to the manufacturing of Aluminum and Magnesium Alloy, and no intellectual property right was registered or assigned in the name of the Corporate Debtor. The applicant also argued that the Information Memorandum did not contain the 'technical
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The Tribunal admitted the Company Petition…
The 5th Committee of Creditors (COC)…
The case involves an application filed by the Promoter, Director, and Shareholder of Hindustan Magnesium Products Private Limited (Corporate Debtor) challenging Clause 6(r) of the Resolution Plan submitted by Respondent No. 2. The applicant contends that Clause 6(r) is illegal because the Corporate Debtor has not developed any technical know-how relating to the manufacturing of Aluminum and Magnesium Alloy, and no intellectual property right was registered or assigned in the name of the Corporate Debtor. The applicant argues that the Information Memorandum did not contain the 'technical know-how and IP' related to manufacturing of Aluminium and Magnesium Alloys and components, which was duly developed by the Applicant and exclusively belongs to the Applicant.
Bala Anand Jeldi, the Promoter, Director, and Shareholder of Hindustan Magnesium Products Private Limited (Corporate Debtor), filed an application challenging Clause 6(r) of the Resolution Plan. The Company Petition was admitted under Section 7 of the IBC, and Shri V. Shankar was appointed as the Interim Resolution Professional. The COC approved the resolution plan submitted by Respondent No. 2. The applicant contended that Clause 6(r) is illegal because the Corporate Debtor has not developed any technical know-how relating to the manufacturing of Aluminum and Magnesium Alloy, and no intellectual property right was registered or assigned in the name of the Corporate Debtor. The applicant also argued that the Information Memorandum did not contain the 'technical
…The Tribunal admitted the Company Petition…
The 5th Committee of Creditors (COC)…