Section 53(3) in Insolvency And Bankruptcy Code, 2016
(3)The fees payable to the liquidator shall be deducted proportionately from the proceeds payable to each class of recipients under sub-section (1), and the proceeds to the relevant recipient shall be distributed after such deduction.Explanation. - For the purpose of this section-(i)it is hereby clarified that at each stage of the distribution of proceeds in respect of a class of recipients that rank equally, each of the debts will either be paid in full, or will be paid in equal proportion within the same class of recipients, if the proceeds are insufficient to meet the debts in full; and(ii)the term "workmen's dues" shall have the same meaning as assigned to it in section 326 of the Companies Act, 2013.
