49. Where the corporate debtor has entered into an undervalued
transaction as referred to in sub-section (2) of section 45 and the
Adjudicating Authority is satisfied that such transaction was deliberately
entered into by such corporate debtor-
(a) for keeping assets of the corporate debtor beyond the reach of any
person who is entitled to make a claim against the corporate debtor; or
(b) in order to adversely affect the interests of such a person in relation
to the claim, the Adjudicating Authority shall make an order-
(i) restoring the position as it existed before such transaction as if the
transaction had not been entered into; and
(ii) protecting the interests of persons who are victims of such
transactions:
Provided that an order under this section-
(a) shall not affect any interest in property which was acquired from a
person other than the corporate debtor and was acquired in good faith, for
value and without
notice of the relevant circumstances, or affect any interest deriving from
such an interest, and
(b) shall not require a person who received a benefit from the transaction
in good faith, for value and without notice of the relevant circumstances to
pay any sum unless he was a party to the transaction.