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Transfers not in good faith to be void
329. Any transfer of property, movable or immovable, or any delivery of goods, made by a companycompany, not being a transfer or delivery made in the ordinary course of its business or in favour of a purchaser or encumbrancer in good faith and for valuable consideration, if made within a period of one year before the presentation of a petition for winding up by the TribunalTribunal under this Act shall be void against the Company LiquidatorCompany Liquidator.
Any transfer of property, movable or immovable, or any delivery of goods, made by a company, not being a transfer or delivery made in the ordinary course of its business or in favour of a purchaser or encumbrance in good faith and for valuable consideration, if made within a period of one year before the presentation of a petition for winding up by the Tribunal or the passing of a resolution for voluntary winding up of the company, shall be void against the Company Liquidator.
Notes, amendments & references (1)
329. Substituted vide The Insolvency and Bankruptcy Code, 2016. To view the amendment, Click Here