Under Section 43 r/w 44 and Sec.60(5)(C)

of the IBC, 2016.

Mr. Vishal Bidawatjika …Applicant In the matter of C.P. (IB)No.1407/MB/2017 ICICI Bank Limited …Financial Creditor V/s.

Blupast Industries Private Limited … Corporate Debtor Order delivered on: 05/12/2023 Coram:

Shri Prabhat Kumar Justice Shri V.G. Bisht Hon’ble Member (Technical) Hon’ble Member (Judicial)

Appearances:

For the Applicant : Mr. Akash Acharya Advocate For the Respondent : Mr. Ashish Pyasi, Advocate

ORDER

Per: Prabhat Kumar, Member (Technical)

1. This MA 1014/2018 is filed by Mr. Vishal Bidawatjika (“Liquidator”) of M/s Blueplast Industries Limited {in liquidation} “(Corporate Debtor”) seeking refund of Rs. 3.60 Crores from M/s Bluplast Corporation, the Licensor of trade-mark “Blueplast”) being paid byss the Corporate Debtor as Interest Free Security Deposit; and

2. This Tribunal admitted the Company Petition CP(IB)/1407(MB)/2017 filed by the Financial Creditor under Section 7 of the I.B.C. for initiating CIRP of Corporate Debtor in terms of the Code vide order dated 05.10.2017, and appointing Mr. Vishal Bidawatjika was obtained to act as the I.R.P. in the interim Resolution Professional, who was subsequently confirmed as Resolution Professional, and later on appointed as Liquidator of the Corporate Debtor. The Corporate Insolvency Resolution Process having to be concluded on 03.07.2018 and the COC having resolved to liquidate the company in the 5th COC conducted on 12.06.2018 and having passed the resolution to file the necessary Applications for liquidation and the Resolution professional sought for the necessary orders to act as the liquidator and to initiate further steps thereafter as a Liquidator after giving the necessary consent to the COC. The present Application is filed by the Liquidator after issuance of the necessary orders of Liquidation passed by the Adjudicating Authority.

3. The applicant has stated that the Corporate Debtor (referred to as "The Licensee” also) has initially entered into an agreement on 1^st day of April 2000 (The License Agreement) with M/s. Bluplast Corporation, a Partnership Firm incorporated under Indian Partnership Act, 1932, the owner of the Trade Mark "Bluplast" which is registered under the Trade and Merchandise Marks Act, 1958. Incidentally, Bluplast Corporation (the Licensor) is co-owned by Shri Kamlesh Jain and Shri Indermal Jain, the Directors of the Corporate Debtor (the Licensee). In consideration of the exclusive right to use of licensed rights specified in the said agreement, the Corporate Debtor/Licensee paid to the Licensor an interest free deposit of Rs.3,60,00,000 (Rs. Three Crore Sixty Lakhs only).

3.1. The Agreement for Mark Licence User entered into by the Licensor and the Licensee expired on 31.03.2016 and the same has been renewed on 23.03.2018 from 01.04.2016 to 31.03.2018., Upon expiry of the said agreement effective from 31.03.2018, the Resolution Professional has advised that the Agreement ceased to exist from 01.04.2018 and accordingly sent a demand notice on 20.04.2018 to the Licensor to return the said deposit of Rs.3.60 crores to the Resolution Professional as the management of the affairs of the CD has been vested with the him pursuant to the commencement of Corporate Insolvency Resolution Process against the Corporate Debtor.

3.2. While acknowledging the notice sent by the applicant on 20^th April, 2018, the promoter Directors of the Corporate Debtor have expressed their inability to return the said deposit amount of Rs.3.60 Cr. The noncompliance by the Licensor in payment of the said deposit of Rs.3.60 crores in spite of raising a demand on the Licensor, was discussed in detail in the CoC Meeting held on 12^th June, 2018 and it was resolved to file a suitable application before the Hon'ble NCLT, against the Corporate Debtor, the promoters, their related parties and relatives to restrain them from registering or using the Brand " Bluplast".

3.3. Following non payment of the said deposit of Rs.3.60 lacs b