Lawgist51Orders of Adjudicating Authority in respect of extortionate credit transactions
Where the Adjudicating Authority after examining the application made under sub-section (1) of section 50 is satisfied that the terms of a credit transaction required exorbitant payments to be made by the corporate debtor, it shall, by an order—
(a) restore the position as it existed prior to such transaction;
(b) set aside the whole or part of the debt created on account of the extortionate credit transaction;
(c) modify the terms of the transaction;
(d) require any person who is, or was, a party to the transaction to repay any amount received by such person; or
(e) require any security interest that was created as part of the extortionate credit transaction to be relinquished in favour of the liquidator or the resolution professional, as the case may be.
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- 33 Initiation of liquidation
- 34 Appointment of liquidator and fee to be paid
- 35 Powers and duties of liquidator
- 36 Liquidation estate
- 37 Powers of liquidator to access information
- 38 Consolidation of claims
- 39 Verification of claims
- 40 Admission or rejection of claims
- 41 Determination of valuation of claims
- 42 Appeal against the decision of liquidator
- 43 Preferential transactions and relevant time
- 44 Orders in case of preferential transactions
- 45 Avoidance of undervalued transactions
- 46 Relevant period for avoidable transactions
- 47 Application by creditor in cases of undervalued transactions
- 48 Order in cases of undervalued transactions
- 49 Transactions defrauding creditors
- 50 Extortionate credit transactions
- 51 Orders of Adjudicating Authority in respect of extortionate credit transactions
- 52 Secured creditor in liquidation proceedings
- 53 Distribution of assets
- 54 Dissolution of corporate debtor
