(1) Where during the period commencing on the date of service of a notice of demand under sub-section(2) of section 45, or clause (b) of sub-section (4) of section 46, or section 48,or sub-section (2) of section 50, or sub-section (1) of section 51 or any other provisions of the Act and ending on the date of service of notice by the authority competent, to issue such notice, under clause (a) or clause (b) of sub-section (1) of section 55, as the case may be, any dealer without having made full payment of net tax or any other tax, late fee, interest, or penalty payable or due, as the case may be, under this Act, specified in such notice of demand as aforesaid, creates a charge on, or transfers or delivers possession (by way of sale, mortgage, gift, exchange or any other mode of transfer of right, title or interest) of, any of his immovable properties in favour of other person, such charge, transfer or delivery of possession shall be void as against any claim in respect of the amount of net tax or the other tax, late fee, interest, or penalty payable or due from such dealer:

Provided that the provisions of this section shall not apply to a dealer unless-

(a) the amount or the aggregate of the amounts specified in the notice as aforesaid, payable or due from him, for payment of net tax or any other tax, late fee, interest, or penalty exceeds one lakh rupees; or

(b) the value of the immovable property on which a charge is created, or which is transferred, or the possession of which is delivered, by him exceeds five lakh rupees.

(2) Notwithstanding anything contained in sub-section (1), no charge or transfer or delivery of possession of immovable property shall be void if it is made bona fide and for adequate consideration.