TMI BlogOmittedX X X X Extracts X X X X X X X X Extracts X X X X ..... he winding up of an insolvent company, the same rules shall prevail and be observed with regard to- (a) debts 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 esta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is less, shall rank pari passu with the workmen's dues for the purposes of section 326. (2) All persons under sub-section (1) shall be entitled 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, ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... '', in relation to a company, means the employees of the company, being workmen within the meaning of clause (s) of section 2 of the Industrial 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsurers as is mentioned in section 14 of the Workmen's Compensation Act, 1923 (8 of 1923), rights capable of being transferred to and vested in the workmen, all amount due 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 provide ..... X X X X Extracts X X X X X X X X Extracts X X X X
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