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of <h1>Section 329 Companies Act: voiding suspect pre-winding-up transfers to protect assets from bad-faith depletion and diversion</h1> Section 329 of the Companies Act, 2013 renders void, as against the Company Liquidator, any transfer of movable or immovable property or delivery of goods made by a company within one year before presentation of a winding-up petition, unless it is in the ordinary course of business or in favour of a purchaser or encumbrancer acting in good faith and for valuable consideration. The provision targets transactions not made bona fide, preventing depletion or diversion of assets prior to winding up. Following substitution by the Insolvency and Bankruptcy Code, 2016, the reference to voluntary winding up has been removed, aligning the section with tribunal-initiated winding-up proceedings.
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