166. (1) Subject to the provision of sub-section (2), an order passed by
the Adjudicating Authority under section 164 or section 165 shall not,-
(a) give rise to a right against a person interested in the property which
was acquired in an undervalued transaction or a transaction giving
preference, whether or not he is the person with whom the bankrupt entered
into such transaction; and
(b) require any person to pay a sum to the bankruptcy trustee in respect of
the benefit received from the undervalued transaction or a transaction
giving preference, whether or not he is the person with whom the bankrupt
entered into such transaction.
(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.
(3) Any sum required to be paid to the bankruptcy trustee under sub-section
(1) shall be included in the estate of the bankrupt.