https://www.taxtmi.com/acts?id=17622 Section 325 applied insolvency rules to winding up insolvent companies, deeming every secured creditor's security subject to a pari passu charge in favour of workmen to the extent of the workmen's portion. If a secured creditor realises security rather than proving a debt, the liquidator may enforce the charge and apply realisations rateably to workmen's dues; any shortfall ranks pari passu with workmen's dues. Secured creditors who realise security must contribute to liquidator expenses for preserving the security. The section defined "workmen", "workmen's dues" and "workmen's portion." en-us Sat, 02 Mar 2013 15:31:19 +0530 Fri, 12 Dec 2025 18:09:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=17622 Section 325 applied insolvency rules to winding up insolvent companies, deeming every secured creditor's security subject to a pari passu charge in favour of workmen to the extent of the workmen's portion. If a secured creditor realises security rather than proving a debt, the liquidator may enforce the charge and apply realisations rateably to workmen's dues; any shortfall ranks pari passu with workmen's dues. Secured creditors who realise security must contribute to liquidator expenses for preserving the security. The section defined "workmen", "workmen's dues" and "workmen's portion." Act-Rules Companies Law Sat, 02 Mar 2013 15:31:19 +0530 https://www.taxtmi.com/acts?id=17622