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Section 51 : Orders of Adjudicating Authority in respect of extorionate 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. 

 

Insolvency and Bankruptcy Code 2016

Section 51 Orders of Adjudicating Authority in respect of extorionate credit transactions

Section 52 Secured creditor in liquidation proceedings

Section 53 Distribution of assets

Section 54 Dissolution of corporate debtor

CHAPTER IV FAST TRACK CORPORATE INSOLVENCY RESOLUTION PROCESS

Section 55 Fast track corporation insolvency resolution process

Section 56 Time period for completion of fast track corporate insolvency resolution process

Section 57 Manner of initiating fast track corporate insolvency resolution process

Section 58 Applicability of Chapter II to this Chapter

CHAPTER V VOLUNTARY LIQUIDATION OF CORPORATE PERSONS

Section 59 Voluntary liquidation of corporate persons

CHAPTER VI ADJUDICATING AUTHORITY FOR CORPORATE PERSONS

Section 60 Adjudicating Authority for corporate persons

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