44. The Adjudicating Authority, may, on an application made by the
resolution professional or liquidator under sub-section (1) of section 43,
by an order :
(a) require any property transferred in connection with the giving of the
preference to be vested in the corporate debtor;
(b) require any property to be so vested if it represents the application
either of the proceeds of sale of property so transferred or of money so
transferred;
(c) release or discharge (in whole or in part) of any security interest
created by the corporate debtor;
(d) require any person to pay such sums in respect of benefits received by
him from the corporate debtor, such sums to the liquidator or the resolution
professional,
as the Adjudicating Authority may direct;
(e) direct any guarantor, whose financial debts or operational debts owed to
any person were released or discharged (in whole or in part) by the giving
of the preference, to be under such new or revived financial debts or
operational debts to that person as the Adjudicating Authority deems
appropriate;
(f) direct for providing security or charge on any property for the
discharge of any financial debt or operational debt under the order, and
such security or charge to
have the same priority as a security or charge released or discharged wholly
or in part by the giving of the preference; and
(g) direct for providing the extent to which any person whose property is so
vested in the corporate debtor, or on whom financial debts or operational
debts are
imposed by the order, are to be proved in the liquidation or the corporate
insolvency resolution process for financial debts or operational debts which
arose from, or were released or discharged wholly or in part by the giving
of the preference:
Provided that an order under this section shall not-
(a) affect any interest in property which was acquired from a person other
than the corporate debtor or any interest derived from such interest and was
acquired in
good faith and for value;
(b) require a person, who received a benefit from the preferential
transaction in good faith and for value to pay a sum to the liquidator or
the resolution professional.
Explanation I.-For the purpose of this section, it is clarified that where a
person, who has acquired an interest in property from another person other
than the corporate debtor, or who has received a benefit from the preference
or such another person to whom the corporate debtor gave the preference,-
(i) had sufficient information of the initiation or commencement of
insolvency resolution process of the corporate debtor;
(ii) is a related party, it shall be presumed that the interest was acquired
or the benefit was received otherwise than in good faith unless the contrary
is shown.
Explanation II.-A person shall be deemed to have sufficient information or
opportunity to avail such information if a public announcement regarding the
corporate
insolvency resolution process has been made under section 13.