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of <h1>Section 167 of Insolvency Code: Authority Can Alter or Void Extortionate Credit Deals Made Before Bankruptcy.</h1> Section 167 of the Insolvency and Bankruptcy Code, 2016, addresses extortionate credit transactions involving a bankrupt party. The Adjudicating Authority, upon application by the bankruptcy trustee, can intervene in such transactions made within two years prior to the bankruptcy commencement date. Possible actions include setting aside or altering debts, varying transaction terms, or requiring repayment or surrender of property to the bankruptcy trustee. Extortionate transactions are characterized by exorbitant payment terms or unconscionability under contract law. Transactions compliant with financial service regulations are exempt from being deemed extortionate.
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