Facts relating to 'Big Rammy Limited': The following particulars relates to Big Rammy Ltd which has gone into Liquidation: SI No. Particulars Amount in ₹ 1. Amount realized from the sale of liquidation of assets 14,00,00

CS Professional · Insolvency - Law and Practice · PYQS · December 2023
Facts relating to 'Big Rammy Limited': The following particulars relates to Big Rammy Ltd which has gone into Liquidation: SI No. Particulars Amount in ₹ 1. Amount realized from the sale of liquidation of assets 14,00,000 2. Secured creditor who has relinquished the security 5,00,000 3. Unsecured Financial Creditors 4,00,000 4. Income tax payable within a period of 2 years preceding the liquidation commencement date 50,000 5. Cess payable to state government within a period of one year preceding the liquidation commencement date 20,000 6. Fees payable to Resolution Professional 75,000 7. Expenses incurred by the resolution professional in running the business of the Big Rammy Limited ongoing concern 25,000 8. Workmen salary payable for a period of thirty months preceding the liquidation commencement date. The workmen salary is equal per month 3,00,000 9. Equity shareholders 10,00,000 In respect of the facts and figures given related to Big Rammy Limited, state the priority order in which the liquidator shall distribute the proceeds under the Insolvency and Bankruptcy Code 2016.

Topics: Liquidation Process

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