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of <h1>Section 323 Companies Act omitted after IBC; voluntary winding up costs now governed by insolvency framework, secured rights preserved</h1> Section 323 of the Companies Act, 2013, which dealt with costs of voluntary winding up, has been omitted pursuant to the Insolvency and Bankruptcy Code, 2016, with effect from 15-11-2016. Prior to its omission, it provided that all costs, charges, and expenses properly incurred in a voluntary winding up, including the fee of the Company Liquidator, were payable out of the company's assets in priority to all other claims, but subject to the rights of secured creditors, if any. This regime is now superseded by the IBC framework.
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