Section 165(8) in Insolvency And Bankruptcy Code, 2016
(8)For the purposes of this section, a bankrupt shall be deemed to have entered into a transaction giving preference to any person if-(a)the person is the creditor or surety or guarantor for any debt of the bankrupt; and(b)the bankrupt does anything or suffers anything to be done which has the effect of putting that person into a position which, in the event of the debtor becoming a bankrupt, will be better than the position he would have been in, if that thing had not been done.
