Notwithstanding anything contained in sub-section (1) of Section
61, if it is held that, by a collusion between a person likely to
become a bankrupt and any creditor, and being guided by a
malafide motive to cause loss to another creditor or claimant, more
debts or claims have been shown from any transaction which has
never happened nor been carried on, the debt or liability of such a
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creditor shall be paid or set off only after the debt or liability of
other creditor or claimant is satisfied.