The case involves an application related to the Corporate Insolvency Resolution Process (CIRP) against SREI Infrastructure Finance Limited. An audit was conducted by KPMG at the behest of the Consortium of Banks. The central issue is whether the audit can continue after the commencement of CIRP against the Corporate Debtor, which was allowed vide order dated 08/10/2021 in CP (IB) No. 295/KB/2021. IA 75/KB/2022 was put on Board by way of an Additional list at the instance of the applicant who cited extreme urgency in hearing the matter.
The Reserve Bank of India (RBI) initiated Corporate Insolvency Resolution Process (CIRP) against SREI Infrastructure Finance Limited. KPMG conducted a forensic audit at the instance of the Consortium of Banks. The CIRP was allowed vide order dated 08/10/2021 in CP (IB) No. 295/KB/2021. The key fact is whether the audit initiated by KPMG can continue after the commencement of CIRP. IA 75/KB/2022 was filed citing extreme urgency. The Committee of Creditors (CoC) and the Administrator are also involved in the proceedings. KPMG Assurance and Consulting Services LLP (Respondent No. 5) was not represented during the hearing.
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Order was passed allowing the commencement of…
Hearing was held on 25th January, 2022, at 10:30…
The case involves an application related to the Corporate Insolvency Resolution Process (CIRP) against SREI Infrastructure Finance Limited. An audit was conducted by KPMG at the behest of the Consortium of Banks. The central issue is whether the audit can continue after the commencement of CIRP against the Corporate Debtor, which was allowed vide order dated 08/10/2021 in CP (IB) No. 295/KB/2021. IA 75/KB/2022 was put on Board by way of an Additional list at the instance of the applicant who cited extreme urgency in hearing the matter.
The Reserve Bank of India (RBI) initiated Corporate Insolvency Resolution Process (CIRP) against SREI Infrastructure Finance Limited. KPMG conducted a forensic audit at the instance of the Consortium of Banks. The CIRP was allowed vide order dated 08/10/2021 in CP (IB) No. 295/KB/2021. The key fact is whether the audit initiated by KPMG can continue after the commencement of CIRP. IA 75/KB/2022 was filed citing extreme urgency. The Committee of Creditors (CoC) and the Administrator are also involved in the proceedings. KPMG Assurance and Consulting Services LLP (Respondent No. 5) was not represented during the hearing.
Order was passed allowing the commencement of…
Hearing was held on 25th January, 2022, at 10:30…