Will your answer be different if it is a Liquidation case, listing out the order of priority in case of corporate persons, explain the position of the unsecured Financial creditor and unsecured Operational creditor of a

In case of Liquidation the order of Priority as set out in Section 53 of the Insolvency and Bankruptcy Code (IBC) have to be followed. In case no amount is left with after satisfaction of Secured Creditors, operational creditors cannot claim any amount. Order of priority - Sub-section (1) of section 53 provides that notwithstanding anything to the contrary contained in any law enacted by the Parliament or any State Legislature for the time being in force, the proceeds from the sale of the liquidation assets shall be distributed in the following order of priority and within such period as may be specified, namely: the insolvency resolution process costs and the liquidation costs paid in full; the following debts which shall rank equally between and among the following: workmen's dues for the period of twenty-four months preceding the liquidation commencement date; and debts owed to a secured creditor in the event such secured creditor has relinquished security in the manner set out in section 52; wages and any unpaid dues owed to employees other than workmen for the period of twelve months preceding the liquidation commencement date; financial debts owed to unsecured creditors; the following dues shall rank equally between and among the following: any amount due to the Central Government and the State Government including the amount to be received on account of the Consolidated Fund of India and the Consolidated Fund of a State, if any, in respect of the whole or any part of the period of two years preceding the liquidation commencement date; debts owed to a secured creditor for any amount unpaid following the enforcement of security interest; any remaining debts and dues; preference shareholders, if any; and equity shareholders or partners, as the case may be. As per the order of priority as mentioned above, unsecured Financial Creditors ranks above the Operational Creditors.