(PTI) Insolvency appellate tribunal NCLAT has set aside the directions for a fresh valuation of shares, which were held by Educomp Solutions’ Singapore-based subsidiary Educomp Asia Pacific Pte in US-based firm The Learning Internet Inc and sold by SBI Singapore.
Wondering over the basis on which the Delhi bench of NCLT passed direction for fresh valuations, the appellate tribunal said Educomp Asia Pacific Pte Ltd (EAPPL) was being liquidated over the order passed by the High Court of Singapore and issues regarding the valuation of shares in The Learning Internet Inc could have been raised there in the proceedings.
“We wonder, on what basis the Adjudicating Authority (NCLT) could have intervened in matter directly connected with the liquidation process of EAPPL in Singapore, albeit the subsidiary of the corporate debtor when it has got no jurisdiction in the subject matter of EAPPL,” said NCLAT.