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The Companies Act, 2013

Chapter XX - Winding Up (270 - 365)

Section 329- Transfers not in good faith to be void.

[Section 329 substituted w.e.f.15.11.2016 vide Notification 37 dated 28.05.2016 (Insolvency and Bankruptcy Code, 2016) read with MCA Notification S.O.3453 (E) dated 15.11.2016  

Section 329 notified with effect from 15.12.2016 vide S.O. 3676 (E) dated 07.12.2016]

Section 329- Transfers not in good faith to be void.[Corresponds to Section 531A of the Companies Act, 1956]

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 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 Tribunal under this Act shall be void against the Company Liquidator.".


Prior to substitution w.e.f. 15.11.2016, Section 329 read as under:

Section 329- Transfers not in good faith to be void.

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.