TaxTMI 
TaxTMI 
Overriding preferential payments
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....as realised a secured asset, so much of the debts due to such secured creditor as could not be realised by him or the amount of the workmen's portion in his security (if payable under the law), whichever is less, pari passu with the workmen's dues: Provided that in case of the winding up of a company, the sums referred to in sub-clauses (i) and (ii) of clause (b) of the Explanatio....
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....ny, means the employees of the company, being workmen within the meaning of clause (s) of section 2 of the Industrial Disputes Act, 1947 (14 of 1947) (b) "workmen's dues'', in relation to a company, means the aggregate of the following sums due from the company to its workmen, namely:- (i) all wages or salary including wages payable for time or piece work and salary e....
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....pable of being transferred to and vested in the workmen, all amount due in respect of any compensation or liability for compensation under the said Act in respect of the death or disablement of any workman of the company; (iv) all sums due to any workman from the provident fund, the pension fund, the gratuity fund or any other fund for the welfare of the workmen, maintained by the company....
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....curity, that is Rs. 25,000.] *************** NOTES:- 1. Substituted vide Section 255 readwith Eleventh Schedule of the Insolvency and Bankruptcy Code, 2016 w.e.f. 15-11-2016 (Notified vide Notification No. S.O. 3453(E) dated 15-11-2016) before it was read as, "Overriding preferential payments 326. (1) Notwithstanding anything c....