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of <h1>Clause 331: Individuals Fraudulently Preferred in Company Winding Up Liable as Sureties Under Section 328</h1> Clause 331 of the Companies Bill, 2011, addresses the liabilities and rights of individuals fraudulently preferred during a company's winding up. If a transaction is deemed a fraudulent preference under section 328, the preferred individual is treated as a surety for the company's debt, liable up to the value of their interest or the mortgage/charge. The value is assessed at the transaction date, considering existing encumbrances. The Tribunal can resolve disputes regarding payments made as fraudulent preferences, involving sureties or guarantors, and extend similar provisions to non-monetary transactions.
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