Central Government
Company

Application of insolvency rules in winding up of insolvent companies

In the winding-up of application insolvency company, the same rules shall prevail and be noticed with regard to:

  • Debts provable
  • The valuation of future and annuities and contingent liabilities
  • The special rights of secured and unsecured creditors

Application insolvency rules in winding up of insolvent companies

Provided that the security of all secured creditor shall be considered to subject to a pari passu charge in favor of the workmen to the size of the workmen’s parts therein and where a secured creditor, instead of reaching his proving and security his debts, opts to perform his security

The liquidator shall be allowed to be the enforce and workmen such appoints.

Any amount executed by the liquidator by way of pursuance of such charge shall be registered rate ably for the complete of workmen’s dues.

Under sub-section (1) shall be authorized to prove and receive shares out of the company assets under winding up and create such requests against the company as they specifically allowed to form by virtue of this clause.

If a secured creditor is ideally relinquishing his security and showing his debts, progress to achieve his security. He shall be responsible to pay his section of the charges incurred by the fiduciary containing a provisional liquidator, if any, for the maintenance of the security before its recognition by the secured creditor.

The benefits of this sub-section, the section of charges caused by the fiduciary for the maintenance of a security which the secured creditor shall be responsible to pay shall be the total of the charges less an amount which brings to such charges the same sections as the workmen’s parts in relation to the security brings to the value of the security.

Application insolvency rules in winding up of insolvent companies

Under the section 326 and 327

“Workmen” in connection to a company process the company employees, being workmen within the definition of clause of section 2 of the industrial disputes act 1947.

“Workmen’s dues”, in connection to a company registration process the total of the following sums due from the company to its workmen specifically:

The total salary or payments containing wages payable for the total earned salary or piece work or in part by way of commission of any workman in regards of services provided to the company and any payments receivable to any workman under any of the terms of the Industrial Disputes Act 1947.

The total accrued holiday payment becoming payable to any workman or in the case of this death to any other person in his right on the cancellation of his employment before or by the result of the winding up order or declaration. One’s registration may varied on the startups, so every company may incorporate their company under the section 7 of act 2013.

Unless the company is being wound up freely for the points of amalgamation or reconstruction with other company or unless the company has at the start of the winding up has specified in section 14 of the workmen’s compensation act 1923, rights effective of being transferred to and ordered in the workmen, total amount due in respect of any remuneration or liability for payment under this said act in respect of the disablement or death of any workman of the company.

The total sums owing to any workman from the pension fund, provident fund, the gratuity fund or any other fund for the comfort of the workmen is maintained by the company.

The “workmen’s portion” in connection to the security of any secured creditor of a company process the amount which brings to the value of the security the aforesaid section as the amount of the workmen’s dues bears to the total of the amount of workmen’s dues and the amount of the debts due to the secured creditors. The workmen’s have proper registration methods for contracting their sign to stay with their new company.

Section 14 of employee’s compensation act 1923

Company registration rights

 Where any employer has started into a sign with any insurance company in regard of any liability under this act to any employee, then in the deed of the employer becoming failure or creating a scheme or composition of arrangement with his creditors.Where all other registration purposes may provided this employer. The private limited company may be liable to insurers and all other respective companies.

If the employer is a company, in the act of the company having started to be wound up, the rights of the employer against the insurance company as regards which liability shall, still anything in any law for the time being in force identifying to insolvency or the winding up of companies be transferred to and order in the employee and upon any such transfer the insurance company shall have the same correction and rights and be subject to the same responsibility.

 Insolvency of employer

If they were the employer, so that the insurance company shall not be under any special liability to the employee than they would have been under to the employer. The liability of the insurance company to the employee is less than the responsibility of the employer to the employee. They may show for the balance in the failure progress or conclusion.

Where in any case such as mentioned in sub-section (1) the contract of the employer with the insurance company is invalid by causes of non-compliance on the section of the employer with any terms or conditions of the sign. Once the company registration may include all these contracts before signing of the registration documents may verified.

The clause of sub-section (4) shall request in the case of any amount for which an insurance company is authorized to show under the sub-section (3). But those clauses shall not request where the company or the insolvent being wound up has entered into such a condition with company as mentioned in sub-section(1).

This clause shall not register a company is wound up eagerly only for reasons of combination or reconstruction with another company.  ROC may have placed in Coimbatore and Chennai and all other cities like Salem, Madurai, Tirupur, Trichy, Karur and all other places in Tamilnadu have only two ROCs.

 

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