https://www.taxtmi.com/caselaws?id=111046 In company winding up, the priority of distribution is governed by sections 529, 529A and 530 of the Companies Act, 1956. Municipal property tax dues do not rank ahead of secured creditors or workmen's dues because the non obstante clause in section 529A prevails over section 141 of the Bombay Provincial and Municipal Corporations Act; such dues are considered only within the framework of section 530. After payment of the statutory priority claims, the remaining liquidation funds are to be distributed among admitted unsecured creditors in proportion to their verified claims, excluding creditors who did not lodge claims despite notice. en-us Thu, 22 Dec 2005 00:00:00 +0530 Fri, 20 Apr 2012 10:28:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111046 In company winding up, the priority of distribution is governed by sections 529, 529A and 530 of the Companies Act, 1956. Municipal property tax dues do not rank ahead of secured creditors or workmen's dues because the non obstante clause in section 529A prevails over section 141 of the Bombay Provincial and Municipal Corporations Act; such dues are considered only within the framework of section 530. After payment of the statutory priority claims, the remaining liquidation funds are to be distributed among admitted unsecured creditors in proportion to their verified claims, excluding creditors who did not lodge claims despite notice. Case-Laws Companies Law Thu, 22 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111046