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 pari passu 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.
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.