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NCLAT determined that assets of a subsidiary company cannot be treated as assets of the corporate debtor (holding company) during insolvency proceedings. The tribunal set aside the Adjudicating Authority's directive for fresh valuation of The Learning Internet Inc. shares, ruling it exceeded jurisdictional scope. The corporate guarantor's claim of undervaluation should have been addressed before Singapore's High Court under relevant insolvency laws, not NCLT. Historic valuation reports from 2008 and 2014-2021 were deemed irrelevant to current proceedings. The tribunal emphasized that moratorium under IBC applies exclusively to corporate debtor's assets, not subsidiary holdings. Appeal allowed, impugned order set aside.
NCLAT determined that assets of a subsidiary company cannot be treated as assets of the corporate debtor (holding company) during insolvency proceedings. The tribunal set aside the Adjudicating Authority's directive for fresh valuation of The Learning Internet Inc. shares, ruling it exceeded jurisdictional scope. The corporate guarantor's claim of undervaluation should have been addressed before Singapore's High Court under relevant insolvency laws, not NCLT. Historic valuation reports from 2008 and 2014-2021 were deemed irrelevant to current proceedings. The tribunal emphasized that moratorium under IBC applies exclusively to corporate debtor's assets, not subsidiary holdings. Appeal allowed, impugned order set aside.
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