New Delhi, Aug. 12 -- BluSmart's bankruptcy case has run into a maze-the court-appointed resolution professional says the electric taxi operator's most valuable assets, its cars and technology, are locked in subsidiaries outside the insolvency process, making it harder to get a fair valuation for creditors.

The insolvency proceedings against the company started on 29 July after the National Company Law Tribunal (NCLT) admitted a petition filed by a creditor-Catalyst Trusteeship-on 13 May.

Ritesh Kumar Adatiya, the interim resolution professional (IRP) appointed by the NCLT's Ahmedabad bench, wants to pull the group's tangled structure under one umbrella to get a decent valuation.

But there is a rub-legal experts say that by law, subsid...