Forensic verification of loan agreements may require production of the original document in insolvency proceedings.

In a corporate insolvency resolution process, the Resolution Professional may require production of the original loan agreement where its genuineness is in doubt and forensic verification is needed to test the basis of a financial creditor's claim. The tribunal noted that inspection of the original had already been sought, authenticity concerns had been raised, and the forensic auditor had recommended examination by a Government-recognised laboratory only after production of the original document. On that basis, production of the original agreement was treated as necessary for completion of the forensic audit and for the Resolution Professional to discharge statutory duties, and the financial creditor was directed to produce it before the tribunal within 15 days.

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Issues: Whether the Financial Creditor could be directed to produce the original loan agreement for forensic verification in the pending insolvency resolution process.

Analysis: The application was made by the Resolution Professional in the course of the Corporate Insolvency Resolution Process to ascertain the genuineness of the loan agreement forming the basis of the Financial Creditor's claim. The record showed that the original document had been sought for inspection, that doubts had been raised regarding its authenticity, and that the forensic auditor had recommended verification by a Government-recognised laboratory upon production of the original. In these circumstances, production of the original agreement was considered necessary for completion of the forensic audit and for proper discharge of the Resolution Professional's duties.

Conclusion: The request was accepted and the Financial Creditor was directed to produce the original loan agreement before the Tribunal within 15 days for forensic verification.

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