valid as on 20/06/2024

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.

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