Digital Lending
HC bars digital lending agency from using PhonePe name till next hearing
This story was originally published at 12:08 IST on 24 December 2024
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NEW DELHI – The Delhi High Court on Tuesday barred AGF Finlease (India) Ltd.'s digital lending agency PhonePey Loan from using PhonePe Pvt. Ltd.'s trademark "PhonePe" or any similar name till the next date of hearing on May 21. The court also asked social media platforms Facebook and X to remove PhonePey Loan's accounts on their respective platforms.
Further, the court ordered the suspension of PhonePey Loan's website and domain name. PhonePey Loan provides loans to customers through its website and customer relationship management.
The court said PhonePe Pvt. Ltd. has presented a prima facie case for grant of injunction against PhonePey Loan and irreparable injury will be caused to PhonePe if it's not granted. PhonePe Pvt. Ltd.'s counsel said brands like it are being used to push loans and people are being harassed thereafter.
The high court also issued a summons to AGF Finlease (India) and issued notices to other defendants in the case. AGF Finlease is registered with the Reserve Bank of India as a non-banking financial services company.
End
Reported by Surya Tripathi
Edited by Namrata Rao
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