Overriding preferential payments

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..... asset, so much of the debts due to such secured creditor as could not be realised by him or the amount of the workmen's portion in his security (if payable under the law), whichever is less, pari passu with the workmen's dues: Provided that in case of the winding up of a company, the sums referred to in sub-clauses (i) and (ii) of clause (b) of the Explanation, which are payable for a p .....

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..... ing 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 including wages payable for time or piece work and salary earned wholly or in part by way of commission of any wo .....

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..... t 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 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 to the security o .....

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..... ******** Notes:- 1. As Amended vide Insolvency and Bankruptcy Code, 2016, ELEVENTH SCHEDULE, before it was read as, Overriding preferential payments 326. (1) Notwithstanding anything contained in this Act or any other law for the time being in force, in the winding up of a company,- (a) workmen's dues; and (b) debts due to secure .....

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..... full before any payment is made to secured creditors and thereafter debts payable under that sub-section shall be paid in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxman .....

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