Section 19 of NCLATU : Section 19: Priority Of Claims
NCLATU
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Explanation using Example
Imagine a scenario where a government-owned company, National Widgets Ltd., has been acquired and its undertakings transferred under the National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980. Following the acquisition, there are multiple claims from creditors, employees, and other stakeholders for unpaid dues.
According to Section 19:
- The claims from employees for unpaid wages (Category I) must be addressed before any claims from unsecured creditors (Ca...
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