Extortionate credit transactions.

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..... tionate credit transactions to which the bankrupt is or has been a party. (2) The transactions under sub-section (1) should have been entered into by the bankrupt during the period of two years ending on the bankruptcy commencement date. (3) An order of the Adjudicating Authority may- (a) set aside the whole or part of any debt created by the transaction; (b) vary the terms of the tran .....

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..... inciples of law relating to contracts. (6) Any debt extended by a person regulated for the provision of financial services in compliance with the law in force in relation to such debt, shall not be considered as an extortionate credit transaction under this section. *********** Notes:- 1. Come into the force w.e.f. 01-12-2019 [F. No. 30/21/2018-Insolvency Sect .....

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