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.
(2) Where the Adjudicating Authority, after examination of the application
made under sub-section (1), is satisfied that-
(a) undervalued transactions had occurred; and
(b) liquidator or the resolution professional, as the case may be, after
having sufficient information or opportunity to avail information of such
transactions did not
report such transaction to the Adjudicating Authority, it shall pass an
order-
(a) restoring the position as it existed before such transactions and
reversing the effects thereof in the manner as laid down in section 45 and
section 48;
(b) requiring the Board to initiate disciplinary proceedings against the
liquidator or the resolution professional as the case may be.