Section 46. Relevant period for avoidable transactions. –

(1) In an application for avoiding a transaction at undervalue, the liquidator or the resolution professional, as the case may be, shall demonstrate that –

• (i) such transaction was made with any person within the period of one year preceding the insolvency commencement date; or
• (ii) such transaction was made with a related party within the period of two years preceding the insolvency commencement date.

(2) The Adjudicating Authority may require an independent expert to assess evidence relating to the value of the transactions mentioned in this section.