Transaction entered by any corporate debtor be deemed as Undervalued [ Section 45 to 49 ]

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 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 corporate debtor for a consideration the value of which is significantly....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nsactions 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- * (a) restoring the position as it existed before such transactions and reversing the effects thereof in the manner as laid down in section 45 and section 48; * (b) ....