Priority of payment of debts.

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...., the following debts shall be paid in priority to all other debts- (a) firstly, the costs and expenses incurred by the bankruptcy trustee for the bankruptcy process in full; (b) secondly,- (i) the workmen's dues for the period of twenty-four months preceding the bankruptcy commencement date; and (ii) debts owed to secured creditors; (c) thirdly, wages and any unpaid....

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....e bankruptcy commencement date, shall be distributed under this clause and any remaining amount, whether or not such security interest is created to secure the amount, due to the Central Government and the State Government, shall be distributed under clause (e);] (e) lastly, all other debts and dues owed by the bankrupt including unsecured debts. (2) The debts in each class specified in sub-....

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....to the contrary by such creditors. (5) Any surplus remaining after the payment of the debts under sub-section (1) shall be applied in paying interest on those debts in respect of the periods during which they have been outstanding since the bankruptcy commencement date. (6) Interest payments under sub-section (5) shall rank equally irrespective of the nature of the debt. (7) In the case o....