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Section 57: Protection of bonafide transactions

The Insolvency Act, 1955State Act of Kerala · Act 2 of 1956

Subject to the foregoing provisions of this Act with respect to the effect of insolvency on an execution, and with respect to the avoidance of certain transfers and preferences, nothing in this Act shall invalidate in the case of an insolvency—

(a) any payment by the insolvent to any of his creditors;

(b) any payment or delivery to the insolvent;

(c) any transfer by the insolvent for valuable consideration; or

(d) any contract or dealing by or with the insolvent for valuable consideration:

Provided that any such transaction takes place before the date of the order of adjudication, and that the person with whom such transaction takes place has not at the time, notice of the presentation of any insolvency petition by or against the debtor.

Realisation of property

Where this provision sits

ActThe Insolvency Act, 1955
Section57
Marginal noteProtection of bonafide transactions
JurisdictionState of Kerala
StatusIn force as published by the source

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