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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 123 of Companies Act 1956: Prioritize Debt Payments from Assets with Floating Charge Before Debenture Claims</h1> Section 123 of the Companies Act, 1956, addresses the payment of certain debts out of assets subject to a floating charge, prioritizing these debts over claims under the charge. If a receiver is appointed or possession is taken by debenture holders, debts typically prioritized in a winding-up must be paid immediately from these assets before any claims related to debentures. The section also aligns the timing of these payments with the appointment of the receiver or possession date. Payments made under this section should be recouped from the company's assets available for general creditors.
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