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Section 61
Powers of the Court in relation to voidable transactions
: (1) If the court is satisfied that a transaction is voidable, the court may issue the following order:-
(a) to order the concerned person to pay to the liquidator all or part of the amount paid by the company in connection with such transaction,
(b) to order the concerned person to deliver to the liquidator the value of the property so traded, or its equivalent value,
(c) to order the loan taken by the company through such transaction, the security or guarantee given by the company for the said loan to be waived or released in whole or in part,
(d) order that any waiver, assignment or agreement between the company and another person as a result of the voidable transaction shall be void, ineffective or unenforceable,
(2) If any additional order is required to implement the order under sub-section (1), the court may also issue such an order.
(a) to order the concerned person to pay to the liquidator all or part of the amount paid by the company in connection with such transaction,
(b) to order the concerned person to deliver to the liquidator the value of the property so traded, or its equivalent value,
(c) to order the loan taken by the company through such transaction, the security or guarantee given by the company for the said loan to be waived or released in whole or in part,
(d) order that any waiver, assignment or agreement between the company and another person as a result of the voidable transaction shall be void, ineffective or unenforceable,
(2) If any additional order is required to implement the order under sub-section (1), the court may also issue such an order.