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of <h1>Understanding former Section 325: workmen's priority, pari passu charge and insolvency rules in company winding up</h1> Section 325 of the Companies Act, 2013, now omitted by the Insolvency and Bankruptcy Code, 2016, earlier applied insolvency rules to the winding up of insolvent companies. It aligned treatment of provable debts, valuation of annuities and contingent liabilities, and rights of secured and unsecured creditors with general insolvency law. It created a statutory pari passu charge in favour of workmen over secured creditors' security to the extent of the 'workmen's portion,' with the liquidator empowered to enforce that charge. It also regulated distribution of realisations, allocation of liquidation expenses, and defined 'workmen,' 'workmen's dues,' and 'workmen's portion' for priority in winding up.
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