Forensic for defending a matter filed at the NCLT by an Operational Creditor

Published At: 02-Apr-2019

Problem

A Reputed group acquired a business in the healthcare sector. One consideration was agreed for all assets, liabilities, and relationships.

After one year of such acquisition and their effort to reconcile and settled the creditors, they started facing claims from the creditors, who never came ahead when called for.

When threatened to make the payment with an application being filed with the NCLT, the company approached for getting forensic audit conducted to unviel the reality.


Solution

We studied the matter, dug out the past understandings from the email trails and calculations exchanged between authorized team members of the company with such creditors. We concluded that there was a collusion between the old management and the creditors.

The creditors decided not to followup as the actual money was settled before being reactivated for satisfying the greed by the old management.

This was to generate and gulp huge cash from a bank loan for the fresh facility by the management.

The forensic audit report was put across as an independent opinion in the court of law to strike off untenable claims by the new management of the company.


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