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TMI BlogTransaction entered by any corporate debtor be deemed as Undervalued [ Section 45 to 49 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... f the liquidator or the resolution professional, as the case may be, on an examination of the transactions of the corporate debtor referred to in section 45(2) determines that certain transactions were made during the relevant period under section 46 , which were undervalued, he shall make an application to the Adjudicating Authority to declare such transactions as void and reverse the effect of such transaction in accordance with this Chapter. Transaction considered as undervalued [ Section 45(2) ] A transaction shall be considered undervalued where the corporate debtor - (a) makes a gift to a person; or (b) enters into a transaction with a person which involves the transfer of one or more assets by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... member or a partner of a corporate debtor, as the case may be, may make an application to the Adjudicating Authority to declare such transactions void and reverse their effect in accordance with this Chapter. AA may pass order in the matter of undervalued transactions [ Section 47(2) ] Where the Adjudicating Authority, after examination of the application made under section 47(1), is satisfied that- (a) undervalued transactions had occurred; and (b) liquidator or the resolution professional, as the case may be, after having sufficient information or opportunity to avail information of such transactions did not report such transaction to the Adjudicating Authority, it shall pass an order- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 45(2) and the Adjudicating Authority is satisfied that such transaction was deliberately entered into by such corporate debtor- (a) for keeping assets of the corporate debtor beyond the reach of any person who is entitled to make a claim against the corporate debtor; or (b) in order to adversely affect the interests of such a person in relation to the claim, the Adjudicating Authority shall make an order- (i) restoring the position as it existed before such transaction as if the transaction had not been entered into; and (ii) protecting the interests of persons who are victims of such transactions: Provided that an order under this section- (a) shall not affect any interest in propert ..... X X X X Extracts X X X X X X X X Extracts X X X X
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