valid as on 11/12/2018

2.9.13:Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017

13. Extortionate credit transactions.

A transaction shall be considered an extortionate credit transaction under section 50(2) where the terms-

(a) require the corporate person to make exorbitant payments in respect of the credit provided; or

(b) are unconscionable under the principles of law relating to contracts.


CAIRR PLUS on Google Playsecretarial automation?Subscribe for Updates