Creditor applications for unreported avoidance transactions expand oversight over preferential, undervalued, extortionate, and wrongful trading conduct.

Section 47 is substituted to allow a creditor, member, or partner to apply where a preferential, undervalued, extortionate credit, or fraudulent or wrongful trading transaction was not reported by the liquidator or resolution professional. The Adjudicating Authority may pass avoidance orders as if the application had been made by the liquidator or resolution professional, and may direct the Board to initiate disciplinary proceedings if the failure to report occurred despite sufficient information or opportunity.

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