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of <h1>Section 332: Floating charges before winding up invalid unless solvency proved, limited protection for genuine cash consideration</h1> When a company is being wound up, any floating charge on its undertaking or property created within the 12 months immediately before commencement of winding up is generally invalid. It is valid only if it is proven that the company was solvent immediately after the charge was created. Even if invalid, the charge remains effective to the extent of cash actually paid to the company at or after creation of the charge, as consideration for it, with interest at 5% per annum or another rate notified by the Central Government.
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