K.G. Somani & Co., appointed as Forensic Auditor of Carnation Auto India Pvt. Ltd. by Punjab National Bank, filed an application seeking direction to Mr. Arvind Garg, the Liquidator of Carnation Auto India Pvt. Ltd., to admit and pay Rs. 5,31,000/- arising out of an invoice dated 09.01.2018. The applicant was engaged for conducting a Forensic Audit of Carnation Auto's books of accounts. During the audit, the company was admitted into the Corporate Insolvency Resolution Process (CIRP) by an NCLT order dated 25.09.2017. A fee of Rs. 3,00,000/- was negotiated by Punjab National Bank with the applicant for conducting the audit under the Insolvency and Bankruptcy Code, 2016. The applicant submitted the Forensic Audit Report dated 03.01.2018 and raised an invoice to the
…Punjab National Bank engaged K.G. Somani & Co. to conduct a forensic audit of Carnation Auto India Pvt. Ltd. The audit engagement was formalized via a letter dated 18.07.2017. During the course of the audit, Carnation Auto India Pvt. Ltd. was admitted into the Corporate Insolvency Resolution Process (CIRP) on 25.09.2017. K.G. Somani & Co. completed the forensic audit and submitted a report dated 03.01.2018, raising an invoice for Rs. 5,31,000/- to the then Resolution Professional (RP) on 09.01.2018. Arvind Garg later took over as the Liquidator for Carnation Auto India Pvt. Ltd. K.G. Somani & Co. sought payment for the audit services from Arvind Garg, who refused, arguing that the audit expenses were not part of the Insolvency Resolution Process Cost (IRPC)
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Punjab National Bank engaged K.G. Somani & Co.…
Corporate Insolvency Resolution Process (CIRP)…
K.G. Somani & Co., appointed as Forensic Auditor of Carnation Auto India Pvt. Ltd. by Punjab National Bank, filed an application seeking direction to Mr. Arvind Garg, the Liquidator of Carnation Auto India Pvt. Ltd., to admit and pay Rs. 5,31,000/- arising out of an invoice dated 09.01.2018. The applicant was engaged for conducting a Forensic Audit of Carnation Auto's books of accounts. During the audit, the company was admitted into the Corporate Insolvency Resolution Process (CIRP) by an NCLT order dated 25.09.2017. A fee of Rs. 3,00,000/- was negotiated by Punjab National Bank with the applicant for conducting the audit under the Insolvency and Bankruptcy Code, 2016. The applicant submitted the Forensic Audit Report dated 03.01.2018 and raised an invoice to the
…Punjab National Bank engaged K.G. Somani & Co. to conduct a forensic audit of Carnation Auto India Pvt. Ltd. The audit engagement was formalized via a letter dated 18.07.2017. During the course of the audit, Carnation Auto India Pvt. Ltd. was admitted into the Corporate Insolvency Resolution Process (CIRP) on 25.09.2017. K.G. Somani & Co. completed the forensic audit and submitted a report dated 03.01.2018, raising an invoice for Rs. 5,31,000/- to the then Resolution Professional (RP) on 09.01.2018. Arvind Garg later took over as the Liquidator for Carnation Auto India Pvt. Ltd. K.G. Somani & Co. sought payment for the audit services from Arvind Garg, who refused, arguing that the audit expenses were not part of the Insolvency Resolution Process Cost (IRPC)
…Punjab National Bank engaged K.G. Somani & Co.…
Corporate Insolvency Resolution Process (CIRP)…