Transfer of assets during pendency of proceedings void

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....cy of proceedings void.- Where, during the pendency of any proceedings for the recovery of an amount owed by a person under this Act, that person creates a charge on, or parts with the possession b....

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....t value for the assets. 1[Explanation - In this section "assets" includes land, building, machinery, plant, equipments, shares, securities and fixed deposits in the banks, vehicles, furniture and fi....