https://www.taxtmi.com/caselaws?id=96736 Section 229 of the Indian Companies Act was construed as importing insolvency rules on secured and unsecured creditors, provable debts, and valuation of annuities and contingent liabilities, but not the general Crown priority rule. Section 230 was treated as the specific provision governing priorities in winding up, so the special rule prevailed over the general one. On that construction, priority in liquidation was confined to the debts expressly listed in section 230, and the company's assets were otherwise distributable pari passu. A trade debt did not fall within the specific priorities recognised by section 230, so the claim to general Crown priority was rejected. en-us Thu, 03 Dec 1936 00:00:00 +0530 Tue, 10 Jan 2012 16:39:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96736 Section 229 of the Indian Companies Act was construed as importing insolvency rules on secured and unsecured creditors, provable debts, and valuation of annuities and contingent liabilities, but not the general Crown priority rule. Section 230 was treated as the specific provision governing priorities in winding up, so the special rule prevailed over the general one. On that construction, priority in liquidation was confined to the debts expressly listed in section 230, and the company's assets were otherwise distributable pari passu. A trade debt did not fall within the specific priorities recognised by section 230, so the claim to general Crown priority was rejected. Case-Laws Companies Law Thu, 03 Dec 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96736