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Distribution of assets.

Section 53 - Act - LIQUIDATION PROCESS - Insolvency and Bankruptcy - Section 53 - 53. (1) Notwithstanding anything to the contrary contained in any law enacted by the Parliament or any State Legislature for the time being in force, the proceeds from .....

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) the following debts which shall rank equally between and among the following :- (i) workmen's dues for the period of twenty-four months preceding the liquidation commencement date; and (ii) debts owed to a secured creditor in the event such sec .....

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nsecured creditors; (e) the following dues shall rank equally between and among the following :- (i) any amount due to the Central Government and the State Government including the amount to be received on account of the Consolidated Fund of India an .....

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interest; (f) any remaining debts and dues; (g) preference shareholders, if any; and (h) equity shareholders or partners, as the case may be. (2) Any contractual arrangements between recipients under sub-section (1) with equal ranking, if disrupting .....

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