We've upgraded AI Search on TaxTMI with two powerful modes:
1. Basic • Quick overview summary answering your query with references• Category-wise results to explore all relevant documents on TaxTMI
2. Advanced • Includes everything in Basic • Detailed report covering: - Overview Summary - Governing Provisions [Acts, Notifications, Circulars] - Relevant Case Laws - Tariff / Classification / HSN - Expert views from TaxTMI - Practical Guidance with immediate steps and dispute strategy
• Also highlights how each document is relevant to your query, helping you quickly understand key insights without reading the full text.Help Us Improve - by giving the rating with each AI Result:
Preferential payments in winding up: statutory employee and public claims receive priority over other creditors. The provision prescribes categories of preferential payments in winding up-statutory dues to government, specified employee claims (wages, accrued holiday remuneration, provident/pension/gratuity fund sums), employer social-welfare contributions, Workmen's Compensation liabilities, and investigation expenses-that rank equally and have priority over debenture holders under any floating charge; they abate proportionately if assets are insufficient, are to be discharged promptly subject to winding up costs, and, where distraint occurred shortly before winding up, form a first charge on the distrained goods or proceeds.
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.
<h1>Preferential payments in winding up: statutory employee and public claims receive priority over other creditors.</h1> The provision prescribes categories of preferential payments in winding up-statutory dues to government, specified employee claims (wages, accrued holiday remuneration, provident/pension/gratuity fund sums), employer social-welfare contributions, Workmen's Compensation liabilities, and investigation expenses-that rank equally and have priority over debenture holders under any floating charge; they abate proportionately if assets are insufficient, are to be discharged promptly subject to winding up costs, and, where distraint occurred shortly before winding up, form a first charge on the distrained goods or proceeds.
TaxTMI 
• Category-wise results to explore all relevant documents on TaxTMI
Help Us Improve - by giving the rating with each AI Result:
TaxTMI 
TaxTMI 
