Section 43 of the Insolvency and Bankruptcy Code, 2016 (IBC) defines a transaction as a “preferential transaction” if the transaction is in relation to transfer of the property or interest of the Corporate Debtor for the benefit of a creditor, surety or guarantor “in relation to an antecedent debt” and if the transaction has the effect of putting such creditor, surety or guarantor in a beneficial position in the distribution of assets as prescribed under Section 53 of the IBC. Further, the transaction ought to have taken place two years prior to the insolvency commencement date in the case of a related party, or one year otherwise. However, the IBC does not specify when a “debt” should be treated as an “antecedent” debt.