2014 (1) TMI 529

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..... d by Section 529A of the Act are paid. Since all the assets of the company in liquidation have been sold, no useful purpose would be served in receiving this application for further consideration - official liquidator directed to make payment of the admitted claim of the Excise Authorities if there is any money left after discharging the claims of the creditors of the company in liquidation covere .....

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..... and the workers have been paid to the extent of 70% of their admitted claims. The official liquidator has a further sum of about Rs. 7 lakh available which may not be enough even to meet the payment obligations to the creditors covered by Section 529A of the Act. 3. Even though the Excise Authorities are preferred creditors, but they are covered by Section 530 of the Act and stand in queue afte .....

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