https://www.taxtmi.com/caselaws?id=182076 The proviso to Section 55 of the Provincial Insolvency Act, 1920 protects a bona fide transferee for valuable consideration where the transfer is made after presentation of the insolvency petition but before adjudication, provided the transferee had no notice of the petition. Sections 28 and 55 must be read harmoniously: although adjudication relates back to the petition date under Section 28(7), that deeming rule does not defeat the express protection in Section 55. The statutory safeguard is therefore available when its conditions are satisfied. en-us Wed, 30 Jul 2003 00:00:00 +0530 Tue, 17 Jun 2025 13:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182076 The proviso to Section 55 of the Provincial Insolvency Act, 1920 protects a bona fide transferee for valuable consideration where the transfer is made after presentation of the insolvency petition but before adjudication, provided the transferee had no notice of the petition. Sections 28 and 55 must be read harmoniously: although adjudication relates back to the petition date under Section 28(7), that deeming rule does not defeat the express protection in Section 55. The statutory safeguard is therefore available when its conditions are satisfied. Case-Laws Indian Laws Wed, 30 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182076