The decision comes amid an ongoing legal push launched in 2018 by the Centre, after the collapse of Infrastructure Leasing & Financial Services and its group entities exposed deep governance failures
The National Company Law Tribunal’s (NCLT) refusal to grant immunity to leading audit firms in the IL&FS case marks a sharp turning point in how accountability is enforced in India’s financial system, putting auditors squarely in the regulatory crosshairs.
By denying protection to firms such as Deloitte, BSR & Associates and SRBC & Co, the ruling challenges a long-held assumption that resolution processes under the Insolvency and Bankruptcy Code, 2016 could shield intermediaries from legal and…