Ins. by Act 26 of 2018, s. 27 (w.e.f. 6-6-2018) . — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

1 . Ins. by Act 26 of 2018, s. 27 (w.e.f. 6-6-2018) . (ii) such transfer was registered with an information utility on or before thirty days after the corporate debtor receives possession of such property: Provided that any transfer made in pursuance of the order of a court shall not, preclude such transfer to be deemed as giving of preference by the corporate debtor. Explanation . — For the purpose of sub-section (3) of this section, " new value " means money or its worth in goods, services, or new credit, or release by the transferee of property previously transferred to such transferee in a transaction that is neither void nor voidable by the liquidator or the resolution professional under this Code, including proceeds of such property, but does not include a financial debt or operational debt substituted for existing financial debt or operational debt. (4) A preference shall be deemed to be given at a relevant time, if— (a) it is given to a related party (other than by reason only of being an employee), during the period of two years preceding the insolvency commencement date; or (b) a preference is given to a person other than a related party during the period of one year preceding the insolvency commencement date.

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