The sale of Future Lifestyle Fashions (FLFL) under the corporate insolvency process has run into a roadblock due to a conflict of interest between promoter Kishore Biyani and the forensic auditor appointed by lenders, people aware of the development said. Dilip Dixit had undertaken an assignment for one of the Biyani-promoted company before FLFL was admitted for corporate insolvency. Dixit is also partner of GD Apte & Co, the firm which the lenders appointed as forensic auditor of FLFL in July 2022.
This has resulted in a conflict of interest, according to a petition filed by Biyani. A division bench of the Bombay HC on August 11 ruled that neither Dixit nor GD Apte & Co should undertake the forensic auditor’s role for FLFL. Lenders are …
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