Section - 529 - Application of insolvency rules in winding up of insolvent companies
Application of insolvency rules in winding up of insolvent companies.529. (1) In the winding up of an insolvent company, the same rules shall prevail and be observed with regard to— (a) debts provable; (b) the valuation of annuities and future and contingent liabilities; and (c) the respective rights of secured and unsecured creditors;as are in force for the time being under the law of insolvency with respect to the estates of persons adjudged insolvent :[Provided that the security of every secured creditor shall be deemed to be subject to a pari passu charge in favour of the workmen to the extent of the workmen’s portion therein, and, where a secured creditor, instead of relinquishing his security and proving his debt, opts to realise his security,&md .... To read the full section download the app from Google Play store
CAclubindia
