Collaboration Note for IBC & Insolvency Practitioners

Insolvency matters are won on what the transaction trail actually shows. This collaboration note explains how NARADism works alongside IBC counsel, resolution professionals and lender committees in India as an independent forensic and intelligence partner, producing the transaction reviews, ineligibility checks and asset intelligence that turn pleadings into evidence before the NCLT and NCLAT.

Who it is for

The note is written for insolvency counsel, resolution professionals and committees of creditors who need independent forensic work on a corporate debtor, its promoters or the applicants seeking to acquire it.

What it covers

The note follows the insolvency lifecycle in five stages:

• Pre-admission: forensic review of the debtor's books before filing under Sections 7, 9 or 10, with early red flags on diversion and related parties.
• CIRP and CoC: transaction audits for the RP, PUFE reviews under Sections 43, 45, 49 and 66, and claim verification support.
• Resolution: Section 29A ineligibility checks on applicants and connected persons, and integrity diligence on promoters seeking a return.
• Avoidance litigation: affidavit-ready forensic reports and expert testimony in avoidance applications and Section 66 proceedings.
• Recovery and enforcement: asset tracing against promoters and personal guarantors in India.

Six capabilities are then set out in more detail: PUFE and avoidance transaction reviews with fund-flow reconstruction and related-party mapping; fast, documented Section 29A ineligibility checks covering wilful defaulter status, NPA exposure, disqualifications, criminal antecedents and undisclosed relationships; transaction audits for RPs and CoCs; asset tracing and guarantor enforcement, including benami structures and assets moved to family members, to support Section 95 proceedings; Section 66 and fraud evidence, including digital forensics on company systems; and discreet intelligence on rival applicants, dissenting creditors and the real ownership behind bidding vehicles.

How the collaboration works

NARADism works under counsel's instruction, so work product is prepared for litigation and privilege is preserved where available. Reports are drafted to be annexed, affidavits are sworn where needed, and the firm's experts are available to depose before the NCLT, NCLAT and courts. The note suggests starting with a single PUFE review, 29A check or asset trace on a live matter.

Who NARADism is

NARADism is a senior-led boutique of lawyers, Chartered Accountants, forensic accountants, Certified Fraud Examiners and former intelligence professionals, with leadership experience of investigations involving the US Department of Justice, the SEC, the World Bank's Integrity Vice Presidency, SEBI, the Enforcement Directorate and the SFIO. The firm is independent of audit networks.

NARADism is an intelligence, forensic and compliance advisory firm, not a law firm. Download the note or write to info@naradism.com to discuss a matter.