Act Number: 31

Act Name: The Insolvency and Bankruptcy Code, 2016.

Year: 2016

Enactment Date: 2016-05-28

Long Title: An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Corporate Affairs

Department:

Section 46: Relevant period for avoidable transactions.
    (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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