[See Sections 18, 20, 21 and 23]
Order of Priorities for the Discharge of Liabilities of the Company
(a) Wages, salaries and other dues payable to the employees of the Company;
(b) Arrears in relation to contributions to be made by the Companies to the provident fund, Employees' State Insurance Fund, Life Insurance Corporation premium and any other arrear under any law for the time being in force.
Loans and interest for which Government of India have given guarantees to the public financial institutions.
Secured loans with interest advanced by-
(a) public financial institutions;
Unsecured loans with interest advanced by the public financial institutions, banks or other creditors.
Any credits availed of by the Company for the purpose of carrying on any trading or manufacturing operations.
Any other loans or dues.