45. (1) If the liquidator or the resolution professional, as the case may
be, on an examination of the transactions of the corporate debtor referred
to in sub-section (2) of section 43 determines that certain transactions
were made during the relevant period under section 46, which were
undervalued, he shall make an application to the Adjudicating Authority to
declare such transactions as void and reverse the effect of such transaction
in accordance with this Chapter.
(2) A transaction shall be considered undervalued where the corporate
debtor-
(a) makes a gift to a person; or
(b) enters into a transaction with a person which involves the transfer of
one or more assets by the corporate debtor for a consideration the value of
which is significantly less than the value of the consideration provided by
the corporate debtor, and such transaction has not taken place in the
ordinary course of business of the corporate debtor