Section 166(2) in Insolvency And Bankruptcy Code, 2016
(2)The provision of sub-section (1) shall apply only if the interest was acquired or the benefit was received-(a)in good faith;(b)for value;(c)without notice that the bankrupt entered into the transaction at an undervalue or for giving preference;(d)without notice that the bankrupt has filed an application for bankruptcy or a bankruptcy order has been passed; and(e)by any person who at the time of acquiring the interest or receiving the benefit was not an associate of the bankrupt.
