Hemant Kanoria moves NCLT for setting aside KPMG audit at SREI

Jan 19 application filed by Kanoria cited an issue of parallel auditing in the wake of CIRP (corporate insolvency resolution process) in SREI

Hemant Kanoria, founder of SREI, has moved the Kolkata Bench of the National Company Law Tribunal (NCLT) for setting aside a forensic audit by KPMG into the company.

Lenders had, in March-April 2021, appointed KPMG Assurance and Consulting Services LLP as an auditor for the corporate debtor (SREI Infrastructure Finance and its wholly owned subsidiary, SREI Equipment Finance).

In an application moved on January 19, Kanoria sought setting aside the appointment of KPMG by Axis Bank and UCO Bank (the lead banks in the consortium of lenders) as the auditor for SREI, and restraining the banks from conducting or proceeding with the