(1) The Adjudicating Authority, may, on an application made by the resolution professional or liquidator under sub-section (1) of section 43, by an order—
- require any property transferred in connection with the giving of the preference to be vested in the corporate debtor;
- 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;
- release or discharge (in whole or in part) any security interest created by the corporate debtor;
- 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;
- direct any guarantor, whose guarantee is discharged in whole or in part by virtue of the application to be under such new or revived obligations as the Adjudicating Authority thinks fit;
- direct for providing security or charge on any property for the discharge of any obligation imposed by or arising under the order and such security or charge to have the same priority as a security or charge released or discharged under the order; and
- direct for providing the extent to which any person whose property is so vested in the corporate debtor, or on whom obligations are imposed by the order, is to be able to prove in the liquidation process or the corporate insolvency resolution process for debts or other liabilities which arose from, or were released or discharged under the order.
(2) An order under sub-section (1) 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
- require a person, who received a benefit from the preferential transaction in good faith, for value and without notice of the relevant circumstances, to pay a sum to the liquidator or the resolution professional.