Question
When can a creditor, member, or partner of a corporate
debtor apply to the Adjudicating Authority to declare undervalued transactions void and reverse its effects, as per the Insolvency and Bankruptcy Code??Solution
IBC If the liquidator or resolution professional has not reported the transaction, Section 47 (1) Where an undervalued transaction has taken place and the liquidator or the resolution professional as the case may be, has not reported it to the Adjudicating Authority, a creditor, member or a partner of a corporate debtor, as the case may be, may make an application to the Adjudicating Authority to declare such transactions void and reverse their effect in accordance with this Chapter.
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