https://www.taxtmi.com/caselaws?id=313291 Provident fund dues carry statutory first charge under section 11(2) of the Employees Provident Fund and Miscellaneous Provisions Act, 1952, giving them priority over other debts in winding up, including secured claims. However, where a creditor did not prove its claim within the time invited by the Official Liquidator, section 474 of the Companies Act, 1956 and Rule 178 of the Companies (Court) Rules, 1959 restrict recovery to assets still remaining with the liquidator and prevent reopening dividends already declared and paid. As the claim procedure under Rule 151 was not followed when claims were invited, earlier distributions could not be disturbed; recovery was confined to the balance in the Official Liquidator's hands. en-us Fri, 18 May 2018 00:00:00 +0530 Thu, 04 Apr 2024 20:55:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313291 Provident fund dues carry statutory first charge under section 11(2) of the Employees Provident Fund and Miscellaneous Provisions Act, 1952, giving them priority over other debts in winding up, including secured claims. However, where a creditor did not prove its claim within the time invited by the Official Liquidator, section 474 of the Companies Act, 1956 and Rule 178 of the Companies (Court) Rules, 1959 restrict recovery to assets still remaining with the liquidator and prevent reopening dividends already declared and paid. As the claim procedure under Rule 151 was not followed when claims were invited, earlier distributions could not be disturbed; recovery was confined to the balance in the Official Liquidator's hands. Case-Laws Indian Laws Fri, 18 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313291