50. (1) Where the corporate debtor has been a party to an extortionate
credit transaction involving the receipt of financial or operational debt
during the period within two years preceding the insolvency commencement
date, the liquidator or the resolution professional as the case may be, may
make an application for avoidance of such transaction to the Adjudicating
Authority if the terms of such transaction required exorbitant payments to
be made by the corporate debtor.
(2) The Board may specify the circumstances in which a transactions which
shall be covered under sub-section (1).
Explanation.-For the purpose of this section, it is clarified that any debt
extended by any person providing financial services which is in compliance
with any law for the time being in force in relation to such debt shall in
no event be considered as an extortionate credit transaction.