Realization A/c

It's not relevant because transition from IFRS will make Indas follow IFRS for Bankruptcy standard (I am not sure if the standard is available). When it comes to Matching concept, Realization accounting is possible. Eg, accruals record everything to match expenses and incomes on the day the transaction occurred so that they can find profit or loss. So, if you stand in a bankrupted position, the matching concept from accruals accounting tallies expenses and incomes and gives a loss or profit on disposal for that year. Another fact is Realisable values concept is accepted in Indas conceptual framework making it easy for measuring asset disposals to clear out the creditors. Moreover, Companies act or RBI maybe having its own bankruptcy/liquidation procedures and better read it to understand its concept of whether or not it is in coherence with Realization accounting.

Just like I imagined, read the PART 3 in this guidelines for bankruptcy. It is complex and resolutions are different than what we usually get the idea of winding up a company. So yes, realisation account can be used in IndAS 

https://m.rbi.org.in//Scripts/PublicationReportDetails.aspx?ID=226#c3