IIHL Tells NCLAT It Has RBI Nod For Name Change, Seeks 8 Weeks To Drop 'Reliance' Brand

IndusInd International Holdings Ltd (IIHL), the successful resolution applicant for Reliance Capital, informed the National Company Law Appellate Tribunal (NCLAT) on Friday that it has received approval from the Reserve Bank of India (RBI) to change the company's name and expects the rebranding process to be completed within eight weeks.The submission came amid an ongoing trademark dispute with Anil Ambani's Anil Dhirubhai Ambani Ventures Pvt Ltd (ADAVL), which claims ownership of the 'Reliance' brand name. ADAVL argues that a 2014 licensing agreement that had allowed Reliance Capital to use the brand was terminated in June 2021, well before the initiation of the Corporate Insolvency Resolution Process (CIRP). It contends that IIHL has no legal right to use the brand and that the name was never part of the CIRP assets.Appearing before the bench of Justice Mohammad Faiz Alam Khan (Judicial Member) and Naresh Salecha (Technical Member), IIHL's counsel stated that the company has already initiated the transition to the 'IndusInd' name, with RBI approval in place. He submitted that the company is now seeking the Ministry of Corporate Affairs' (MCA) clearance, which must be obtained within six months.Anil Ambani's counsel reiterated that the Hinduja Group (IIHL) was explicitly informed that the 'Reliance' brand could not be used. “I am the owner of the Reliance trademark. The agreement was terminated before CIRP began. I was not part of the process,I was out,” the counsel submitted.While IIHL asked the Tribunal for at least eight weeks to complete the transition, the bench gave it until November 21 to return with a clear statement on whether and when it would stop using the 'Reliance' brand.BackgroundIn February 2024, the Mumbai bench of the National Company Law Tribunal (NCLT) approved IIHL's ₹9,681 crore resolution plan for Reliance Capital. As part of the approved plan, IIHL was allowed to use the 'Reliance' name for up to three years to ensure a smooth transition during the takeover.Following this, ADAVL filed a recall application, seeking to remove that portion of the order which permitted continued use of the brand. ADAVL argued that the 'Reliance' brand was not an asset under the Insolvency and Bankruptcy Code (IBC) and that it had not consented to its use by the successful resolution applicant. However, in October 2024, the NCLT dismissed ADAVL's recall plea, upholding its earlier order.Subsequently, ADAVL approached the appellate tribunal. Case Title: Anil Dhirubhai Ambani Ventures Pvt. Ltd. Vs. Reliance Capital Ltd. & AnrCase Number: Comp. App. (AT) (Ins) No. 2263 of 2024

IIHL Tells NCLAT It Has RBI Nod For Name Change, Seeks 8 Weeks To Drop 'Reliance' Brand

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IIHL Tells NCLAT It Has RBI Nod For Name Change, Seeks 8 Weeks To Drop 'Reliance' Brand

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