https://www.taxtmi.com/acts?id=54006 Section 53 is amended to clarify liquidation priority rules. A secured creditor whose relinquished security interest is worth less than the total debt is secured only to that extent, and unsecured for the balance. Government dues for the specified pre-liquidation period are given distribution priority under the stated sub-clause, with any remaining amount falling under the next priority category. Illustrations confirm that a contract subordinating workmen to secured creditors is disregarded, while a contract between secured creditors inter se is not disregarded. en-us Tue, 07 Apr 2026 13:10:41 +0530 Tue, 07 Apr 2026 13:10:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=54006 Section 53 is amended to clarify liquidation priority rules. A secured creditor whose relinquished security interest is worth less than the total debt is secured only to that extent, and unsecured for the balance. Government dues for the specified pre-liquidation period are given distribution priority under the stated sub-clause, with any remaining amount falling under the next priority category. Illustrations confirm that a contract subordinating workmen to secured creditors is disregarded, while a contract between secured creditors inter se is not disregarded. Act-Rules F. Acts / Amendment Acts Tue, 07 Apr 2026 13:10:41 +0530 https://www.taxtmi.com/acts?id=54006