Legal Question in Banking Law in India
when a bank in India gets Liquidated, who gets paid first, the priorities in payment. Please provide some reference.
Asked on 6/01/13, 12:30 am
2 Answers from Attorneys
KarVai Legal Solutions
Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in
it could be the creditors first.
Answered on 6/01/13, 1:19 am
Fca Prashant Chavan
Expert Edge LLP
01.06.2013
Dear Sir / Madam,
In the liquidation process, secured debts are paid first and thereafter all other debts including the unsecured debts and lastly creditors.
Regards,
Answered on 6/01/13, 5:10 am
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