https://www.taxtmi.com/caselaws?id=219261 In winding up, Section 529A of the Companies Act, 1956 gives overriding preferential payment to workmen's dues and secured creditors, and that priority prevails over inconsistent State tax recovery provisions. Although the State tax claims were supported by first-charge language under the relevant tax enactments, those provisions were expressly made subject to Section 530 of the Companies Act, and Section 530 in turn yields to Section 529A. Tax dues falling within Section 530 therefore cannot rank pari passu with secured creditors or displace the statutory priority created by the Companies Act. en-us Thu, 22 Nov 2012 00:00:00 +0530 Thu, 07 Aug 2014 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219261 In winding up, Section 529A of the Companies Act, 1956 gives overriding preferential payment to workmen's dues and secured creditors, and that priority prevails over inconsistent State tax recovery provisions. Although the State tax claims were supported by first-charge language under the relevant tax enactments, those provisions were expressly made subject to Section 530 of the Companies Act, and Section 530 in turn yields to Section 529A. Tax dues falling within Section 530 therefore cannot rank pari passu with secured creditors or displace the statutory priority created by the Companies Act. Case-Laws VAT and Sales Tax Thu, 22 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219261