TMI BlogApplication of insolvency rules in winding up of insolvent companies.X X X X Extracts X X X X X X X X Extracts X X X X ..... provable; (b) the valuation of annuities and future and contingent liabilities; and (c) the respective rights of secured and unsecured creditors, as are in force for the time being under the law of insolvency with respect to the estates of persons adjudged insolvent: Provided that the security of every secured creditor shall be deemed to be subject to a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tled to prove and receive dividends out of the assets of the company under winding up, and make such claims against the company as they respectively are entitled to make by virtue of this section: Provided that if a secured creditor, instead of relinquishing his security and proving his debts, proceeds to realise his security, he shall be liable to pay his portion of the expenses inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Disputes Act, 1947; (14 of 1947.) (b) workmen s dues , in relation to a company, means the aggregate of the following sums due from the company to its workmen, namely: (i) all wages or salary including wages payable for time or piece work and salary earned wholly or in part by way of commission of any workman in respect of services rendered to the company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue in respect of any compensation or liability for compensation under the said Act in respect of the death or disablement of any workman of the company; (iv) all sums due to any workman from the provident fund, the pension fund, the gratuity fund or any other fund for the welfare of the workmen, maintained by the company; (c) workmen s portion , in relation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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