Section 47, The Bankruptcy Act, 2009

(1) Every conveyance or transfer of property, or charge onthe property made, every payment made, every obligation incurred and every judicial proceedings taken or suffered by any person unable to pay his debts as they become due from his own money in favour of any creditor or of any person in trust for any creditor, with a view to giving the creditor, or any surety or guarantor for the debt due to such creditor, a preference over the other creditors, shall, if the person making, taking, paying or suffering it is adjudged bankrupt on a bankruptcy petition presented within three months after the date of making, taking, paying or suffering it, be deemed fraudulent and void as against the trustee in the bankruptcy (2) This section shall not affect the rights of any person making title in good faith and for valuable consideration through or under a creditor of the bankrupt.