Amended and updated notes on section 329 of Companies Act 2013. Detail discussion on provisions and rules related to transfers not in good faith to be void.
Chapter XX (Section 270–365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 329 of CA 2013 provides for transfers not in good faith to be void.
Recently, we have discussed in detail section 328 (Fraudulent preference) of CA 2013. Today, we learn the provisions of section 329 of the Companies Act 2013.
The provisions of section 329 are effective from 15th December, 2016. You may refer Notification No. S.O. 3677(E) issued dated 7-12-2016. In this article, you will learn detail of the provisions of section 329 the Companies Act 2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XX |
| Chapter Name | Winding Up |
| Section No. | 329 |
| Section Name | Transfers not in good faith to be void |
| Monthly Updated Edition | Company Law PDF |
Section 329 of Companies Act 2013: Transfers not in good faith to be void
Section 329 substituted pursuant to section 255 of the Insolvency and Bankruptcy Code, 2016 vide Notification No. S.O. 3453(E) issued dated 15.11.2016 and shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
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.