Amendment status not verified — confirm the current text below against the official source.
[(1)] Where any employer is adjudicated insolvent or, being a company, an order for winding-up is made, the amount due- (a) From the employer in relation to [an establishment] to which any [Scheme or the Insurance Scheme] applies in respect of any contribution payable to the Fund [or as the case may be, the Insurance Fund] damages recoverable under Sec. 14-B, accumulations required to be transferred under sub-section (2) of Sec. 15 or any charges payable by him under any other provision of this Act or of any provision of the [Scheme or the Insurance Scheme]; or (b) From the employer in relation to an exempted [establishment] in respect of any contribution to the [the provident fund or any insurance fund] (in so far as it relates to exempted employees), under the rules of [the provident fund or any insurance fund], [any contribution payable by him towards the [Pension] Fund under sub-section (6) of Sec. 17] damages recoverable under Sec. 14-B or any charges payable by him to the appropriate Government under any provision of this Act or under any of the conditions specified under Sec. 17, shall, where the liability therefor has accrued before the Order of adjudication or winding-up is made, be deemed to be included among the debts which under Sec. 49 of the Presidency-towns Insolvency Act, 1909 (3 of 1909), or under Sec. 61 of the Provincial Insolvency Act, 1920 (5 of 1920), or under [Sec. 530 of the Companies Act, 1956 (1 of 1956)] are to be paid in priority to all other debts in the distribution of the property of the insolvent or assets of the Company being wound-up, as the case may be. [Explanation.-- In this sub-section and in Sec. 17, "insurance fund" means any fund established by an employer under any scheme for providing benefits in the nature of life insurance to employees, whether linked to their deposits in provident fund or not, without payment by the employees of any separate contribution or premium in that behalf.] [(2) Without prejudice to the -provisions of sub-section (1), if any amount is due from any employer [whether in respect of the employee's contribution (deducted from the wages of the employee) or the employer's contribution], the amount so due shall be deemed to be the first charge on the assets of the establishment, and shall, notwithstanding anything contained in any other law for the time being in force, be paid in priority to all other debts.] Section 11 re-numbered as sub-section (1)by Act 40 of 1973,Sec.3 (w.e.f. lst November, 1973). Subs. by Act 37 of 1953, See. 9, for certain words. Subs. by Act 94 of 1956, Sec. 3. for the words "a factory" (w.e.f. lst August, 1956). Subs. by Act 99 of 1976, Sec. 27 (w.e.f. lst August, 1976), for the word "Scheme". Ins. by ibid. Subs. by Act 94 of 1956, Sec. 3 (w.e.f Ist August, 1956). Ins. by Act 16 of 1971, Sec. 23 (w.e.f. 23rd April, 1971). Subs. by Act No. 25 of 1996, Sec. 4 (w.e.f. 16th November, 1995), for the words "Family Pension". Subs. by Act 40 of 1973, Sec. 3 (w.e.f I st November, 1973). Ins. by ibid, Sec. 3. Subs. by Act 33 of 1988, Sec. 16 (w.e.f. Ist August, 1988), for the words and brackets "in respect of the employees' contribution (deducted from the wages of the employees) for a period of more than six months".