https://www.taxtmi.com/caselaws?id=459323 Section 529A of the Companies Act, 1956 gives workmen pari passu priority with secured creditors in distribution from realised assets, but it does not place workmen's claims on the same footing as secured creditors for interest after winding up and before sale of assets. Workmen therefore cannot claim interest at the same rate as secured creditors on their dues. Bonus under the Payment of Bonus Act, 1965 and notice pay under Section 25 of the Industrial Disputes Act, 1947 were also held not to fall within the statutory dues treated as recoverable in the manner claimed under Sections 529 and 530, so those claims were not accepted. en-us Tue, 15 Jan 2013 00:00:00 +0530 Mon, 09 Dec 2024 18:08:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459323 Section 529A of the Companies Act, 1956 gives workmen pari passu priority with secured creditors in distribution from realised assets, but it does not place workmen's claims on the same footing as secured creditors for interest after winding up and before sale of assets. Workmen therefore cannot claim interest at the same rate as secured creditors on their dues. Bonus under the Payment of Bonus Act, 1965 and notice pay under Section 25 of the Industrial Disputes Act, 1947 were also held not to fall within the statutory dues treated as recoverable in the manner claimed under Sections 529 and 530, so those claims were not accepted. Case-Laws Companies Law Tue, 15 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459323