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6. Section 529A of the Companies Act lays down:

529A. Overriding preferential payment.-Notwithstanding anything contained in any other provision of 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 (c) of the proviso to Sub-section (1) of Section 529 paripassu with such dues, shall be paid in priority to all other debts.
(2) The debts payable under Clause (a) and Clause (b) of Sub-section (1) shall be paid in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions.