Overriding preferential payments

However anything included in this act or any other law for the time being in force, in the winding up of a registration company for overriding preferential amounts.

  • Workmen’s fees
  • Debts due to gained creditors to the area such debts rank under clause (iii) of the condition to sub-section (1) of section 325 pari passu with fees.

Overriding preferential payments

Overriding preferential payments

In case of the winding up of a company, the sums towards salary or wages mentioned to in sub-clause (i) of clause (b) of sub-section (3) of section 325, which are payable for a term of two years introducing the winding up order or such other tern as may be specified. It shall be paid in priority to all other debts (containing debts due to secured creditors) with in a term of thirty days of sale of assets. It shall be subject to such duties over the security of secured creditors as may be specified.

The debts owing under the condition to sub-section (1) shall be paid in total before any payment is made to secured creditors and then debts payable under which sub-section shall be paid in total, unless the benefits are restricted in which case they shall decline in similar amounts. The  company registration may takes placed under this clause for their payment authorities.

Preferential payments

In a winding up, substance to the conditions of section 326, there shall be paid in precedence to all other debts,

The total taxes, cesses, revenues, and rates due from the company to the state or central government or to a local authorization at the proper date and having become payable and due within one year instantly before that date of registration.

The total wages or salary containing wages owing for piece work or time and salary gained totally and provided to the company and payable for a term is not exceeding 4 months within one year instantly before the applicable date, subject to the terms which the amount receivable under this clause to any workman shall not pass such number as may be declared.

The complete accrued holiday payment becoming receivable to all employees or his demise, to any other person maintaining under him, on the decision of his position before or as the case may be or by the winding up order, the conclusion of the company.

Unless the company is being wound up eagerly only for the advantages of amalgamation or reconstruction with other company, total amount due in favour of presents receivable during the term of 12 months instantly, before the applicable date by the company as the employer of the persons under the Employees State Insurance Act 1948.

Unless the company has at the start of winding up, under such term with any insurance company as is specified in section 14 of the workmen’s compensation act 1923, rights effective of being transferred to and ordered in the workmen.

The total sums payable to any employee from the pension fund, the gravity fund, the pension fund or any other fund for the employee’s welfare is continued by the company must have proper registration authorities.

The cost of any inspection is held in completion of section 213 and 216 in so far as they are owing by the company.

Where any amount has been create to all employees of a company on account of salary or wages followed holiday payment himself or in his death to any other person requesting through a money by him for some reasons.

The liabilities specified in this clause shall have:

Rank equally be paid in total unless the assets are incomplete to meet them in that case they shall decline in equal parts.

So far as the company assets is ready for payment to common creditors are incomplete to meet them, have preference maintenance of the holders of debentures of any floating charge is developed by the company and be reward correctly out of any property contained in proper registration.

Subject to the possession of such sums may require for the expenses and costs of the winding up, the debts shall be engaged forthwith as far as the assets are enough to meet them.

Specified that in favour of some money spend under any such delegate, the property owner or other person have the same advantages of precedence for whom made an amount.

Any payment in favour of a term of absence or holiday from work on medical grounds through infection or other good cause shall be considered to wages in respect of services provided to the company on that term.

For the reasons of this section:

The statement “accrued holiday payment” contains in favour to any person, total amounts which, by honor of his employment in any order made or direction given under that are receivable on account of the payment in which would in the regular course have become owing to him in respect of a term of holiday has his employment with the company preserved until he became authorized to be granted the holiday.

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