AdvocateKhoj
Login : Advocate | Client
Home Post Your Case My Account Law College Law Library
    

19. Priority of claims.-

The claims made under section 18 shall have priorities in accordance with the following principles, namely:-

(a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III, and so on;

(b) the claims specified in each of the categories shall rank equally and be paid in full, but, if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; and

(c) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.



Andhra Scientific Company Limited (Acquisition and Transfer of Undertakings) Act, 1982 Back




Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered and driven by neosys