Undervalued transactions.

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..... (2) The undervalued transaction referred to in sub-section (1) should have- (a) been entered into during the period of two years ending on the filing of the application for bankruptcy; and (b) caused bankruptcy process to be triggered. (3) A transaction between a bankrupt and his associate entered into during the period of two years preceding the date of making of the application for ba .....

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..... at the provisions of this sub-section shall not be applicable to undervalued transaction entered into between a bankrupt and his associate under sub-section (3) of this section. (6) For the purposes of this section, a bankrupt enters into an undervalued transaction with any person if- (a) he makes a gift to that person; (b) no consideration has been received by that person from the bankru .....

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