New Delhi: Rising instances of bankruptcy actions by creditors under Indias Insolvency and Bankruptcy Code (IBC) against distressed companies are fuelling the growth of forensic audits, and signifies the increasing importance of such audits in providing evidence for court proceedings, said experts.
Forensic auditors scrutinize financial records to unearth evidence, including irregularities, which are relevant in legal cases. IBCs focus on reviewing past transactions of companies highlights the critical role of forensic auditors in addressing industrial distress in India, the experts added.
Anoop Rawat, a partner specializing in IBC at the law firm Shardul Amarchand Mangaldas & Co., explained the provisions for dealing with preferent…
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