(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.
Insolvency and Bankruptcy Code 2016
Section 151 Rights of bankruptcy trustee
Section 152 General powers of bankruptcy trustee
Section 153 Approval of creditors for certain acts
Section 154 Vesting of estate of bankrupt in bankruptcy trustee
Section 155 Estate of bankrupt
Section 156 Delivery of property and documents to bankruptcy trustee
Section 157 Acquisition of control by bankruptcy trustee
Section 158 Restrictions on disposition of property
Section 159 After-acquired property of bankrupt