(1)Notwithstanding anything contained in this Act or any other law for the time being in force, in the winding up of a company,—(a)workmen’s dues; and(b)debts due to secured creditors to the extent such debts rank under clause (iii) of the proviso to subsection (1) of section 325 pari passu with such dues,shall be paid in priority to all other debts:Provided that in case of the winding up of a company, the sums towards wages or salary referred to in sub-clause (i) of clause (b) of sub-section (3) of section 325, which are payable for a period of two years preceding the winding up order or such other period as may be prescribed, shall be paid in priority to all other debts (including debts due to secured creditors), within a period of thirty days of sale of assets and shall be subject to such charge over the security of secured creditors as may be prescribed.
