Home Acts & Rules IBC Act Insolvency and Bankruptcy Code, 2016 Chapters List Chapter V (of Part III) ADMINISTRATION AND DISTRIBUTION OF THE ESTATE OF THE BANKRUPT This
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Section 158 - Restrictions on disposition of property. - Insolvency and Bankruptcy Code, 2016Extract Restrictions on disposition of property. 158. ( 1) Any disposition of property made by the debtor, during the period between the date of filing of the application for bankruptcy and the bankruptcy commencement date shall be void. (2) Any disposition of property made under sub-section (1) shall not give rise to any right against any person, in respect of such property, even if he has received such property before the bankruptcy commencement date in - (a) good faith; (b) for value; and (c) without notice of the filing of the application for bankruptcy. (3) For the purposes of this section, the term property means all the property of the debtor, whether or not it is comprised in the estate of the bankrupt, but shall not include property held by the debtor in trust for any other person. *********** Notes:- 1. Come into the force w.e.f. 01-12-2019 [F. No. 30/21/2018-Insolvency Section]. S.O. 4126(E) Dated 15-11-2019
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