Amendment status not verified — confirm the current text below against the official source.
Where any dealer, liable to pay cess under sub-section (1) of section 5 is adjudicated as insolvent or in case such dealer is a company, an order of winding up is made, the liability in respect of the amount due from such dealer under this Act or the Scheme shall, where the liability therefore has accrued before the order of adjudication as insolvent or winding up is made be deemed to be included among the debts which under section 64 of the Insolvency Act, 1955 (Central Act 2 of 1956) or under section 530 of the Companies Act, 1956 (Central Act 1 of 1956) are to be paid in priority to all other debts, in the distribution of the property of the insolvent or the assets of the company being wound up, as the case may be.