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Section 1

[326. Overriding preferential payments.—(1) In the winding up of a company under this Act, the following debts shall be paid in priority to all other debts:—

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1 [326. Overriding preferential payments.—(1) In the winding up of a company under this Act, the following debts shall be paid in priority to all other debts:— (a) workmen’s dues; and (b) where a secured creditor has realised a secured asset, so much of the debts due to such secured creditor as could not be realised by him or the amount of the workmen's portion in his security (if payable under the law), whichever is less, pari passu with the workmen's dues: