https://www.taxtmi.com/caselaws?id=272189 In winding up, excise dues qualify for preferential treatment under section 530 of the Companies Act, 1956 only to the extent they are due and payable within the relevant statutory period, and section 11E of the Central Excise Act, 1944 does not override the overriding priority given by section 529A to workmen's dues and secured creditors. The statutory first charge for excise dues remains subject to that scheme, so the departmental claim does not rank ahead of workmen and secured creditors beyond the limited preferential amount. The document also notes that, where income-tax liability was under consideration, the Official Liquidator could distribute the balance sale proceeds after setting aside an estimated tax amount, on the basis of verified claims. en-us Thu, 02 Jul 2015 00:00:00 +0530 Tue, 01 Mar 2016 11:38:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272189 In winding up, excise dues qualify for preferential treatment under section 530 of the Companies Act, 1956 only to the extent they are due and payable within the relevant statutory period, and section 11E of the Central Excise Act, 1944 does not override the overriding priority given by section 529A to workmen's dues and secured creditors. The statutory first charge for excise dues remains subject to that scheme, so the departmental claim does not rank ahead of workmen and secured creditors beyond the limited preferential amount. The document also notes that, where income-tax liability was under consideration, the Official Liquidator could distribute the balance sale proceeds after setting aside an estimated tax amount, on the basis of verified claims. Case-Laws Companies Law Thu, 02 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272189