As per provincial Insolvency Act
wages are preferential.
Answers
Answer:
THE PROVINCIAL INSOLVENCY ACT, 1920
ACT NO.5 OF 1920. [AS ON 1957] An Act to consolidate and amend the Law relating to Insolvency {The words in the Provinces of India omitted by the A.O. 1950} as administered by Courts having jurisdiction outside the Presidency-towns {The words and the town of Karachi rep.by the A.O.
Explanation:
Answer:
It extends to 1[the whole of India except 2[the territories which, immediately before the 1st November, 1956, were comprised in Part B States] and] the Scheduled Districts.3 State Amendments Andhra Pradesh.—In section 1, for sub-section (2), substitute the following sub-section:— “(2) It extends to the whole State of Andhra Pradesh except the Scheduled Areas”. [Vide Andhra Pradesh Act 23 of 1965, sec. 3 (w.e.f. 1-6-1966).] Madhya Pradesh.—In section 1, in sub-section (2), after the words “Part B States” add the words “other than the Madhya Bharat and Sironj regions of the State of Madhya Pradesh”. [Vide Madhya Pradesh Act 23 of 1958, sec. 3 and Sch., Part A, item 18.]