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.