(1) If the corporate debtor has been a party to an extortionate credit transaction involving the receipt of financial or operational debt during the period of 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.

(2) A credit transaction shall be considered extortionate if the terms of such transaction required exorbitant payments to be made by the corporate debtor.