Priority of winding up costs: Tribunal may order payment from assets and fix their order of priority. When company assets are insufficient to satisfy liabilities in winding-up, the Tribunal has a discretionary power to order payment out of assets of the costs, charges and expenses of the winding-up and to fix their inter se priority as it thinks just; the term Tribunal replaces the earlier reference to the court.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Priority of winding up costs: Tribunal may order payment from assets and fix their order of priority.
When company assets are insufficient to satisfy liabilities in winding-up, the Tribunal has a discretionary power to order payment out of assets of the costs, charges and expenses of the winding-up and to fix their inter se priority as it thinks just; the term Tribunal replaces the earlier reference to the court.
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