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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Insolvent company winding up: Secured creditors' securities face pari passu charge for workmen's dues under Companies Act, 1956.</h1> In the winding up of insolvent companies under the Companies Act, 1956, insolvency rules apply to debts, valuation of liabilities, and creditor rights. Secured creditors' securities are subject to a pari passu charge favoring workmen, allowing liquidators to enforce this charge for workmen's dues. If secured creditors realize their securities, they must cover preservation expenses incurred by the liquidator. 'Workmen' and 'workmen's dues' are defined per the Industrial Disputes Act, 1947, and include wages, compensation, and fund contributions. The 'workmen's portion' of security is calculated based on the ratio of workmen's dues to total secured debts.
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