New Delhi, Nov 12:
Forensic audits should be mandated on promoters bidding for stressed assets under an insolvency process, several legal experts have said.
Only genuine promoters should be allowed to proceed for insolvency proceedings or bidding for Stressed Assets, they said.
“The conducting of the forensic audit of the Corporate debtor is essential to rule out the possibility of any fraud perpetuated by the promoters”, said Neeraj Aarora, an independent director of the IPA of Institute of Cost Accountants of India and Advocate, Supreme Court of India.
He was addressing a seminar on ” Challenges and Emerging Avenues under Insolvency and Bankruptcy Act 2016″, organised by NW study circle of Insolvency…
Read the full article at: http://www.thehindubusinessline.com/companies/corporate-insolvency-forensic-audit-needed-on-promoters-bidding-for-stressed-assets/article9954857.ece
