Section – 46 of Insolvency and Bankruptcy Code 2016

By | December 11, 2016
(Last Updated On: December 11, 2016)

Section – 46 of Insolvency and Bankruptcy Code 2016

[ Comes into Force w.e.f 15.12.2016 vide Notification No S.O. 3687(E) Dated 09.12.2016 ]

Relevant period for avoidable transactions.

46. (1) In an application for avoiding a transaction at undervalue, the liquidator or the resolution professional, as the case may be, shall demonstrate that—

(i)such transaction was made with any person within the period of one year preceding the insolvency commencement date; or
(ii)such transaction was made with a related party within the period of two years preceding the insolvency commencement date.

(2) The Adjudicating Authority may require an independent expert to assess evidence relating to the value of the transactions mentioned in this section.

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