Section 53 of the Insolvency and Bankruptcy Code creates a waterfall mechanism, whereby the proceeds from the sale of the liquidation assets in respect of a corporate debtor are required to be distributed in a certain order of priority. Topping the list are the costs associated with insolvency resolution process and liquidation, which are followed by workmen’s dues during the 24 months preceding the liquidation commencement date and debts owed to secured creditor(s), both ranking equally. Interestingly, like labour laws, the IBC distinguishes between workmen and employees, such that the dues in relation to employees (that is, persons not falling in the category of ‘workman’ under the Industrial Disputes Act 1947) are placed at a lower pedestal than the dues in relation to workmen.
Final Destination for Kerala PSC Notes and Tests, Exclusive coverage of KPSC Prelims and Mains Syllabus, Dedicated Staff and guidence for KPSC Kerala PSC Notes brings Prelims and Mains programs for Kerala PSC Prelims and Kerala PSC Mains Exam preparation. Various Programs initiated by Kerala PSC Notes are as follows:-
- Kerala PSC Mains Tests and Notes Program
- Kerala PSC Prelims Exam 2024- Test Series and Notes Program
- Kerala PSC Prelims and Mains Tests Series and Notes Program
- Kerala PSC Detailed Complete Prelims Notes