The proceeds realised by the sale of the property of the insolvent under section 42 shall be distributed in the order of priority specified in clause (iii) of sub-section (2) of section 23.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Application for adjustment of debts.Section 4 · Every creditor and debtor to file a true and correct statement before Court.Section 5 · Assignees from non-debtor not entitled to benefit of this Act.Section 6 · Application for recording settlement.Section 7 · Settlement during pendency of proceedings before Court.Section 8 · Certain settlements to be void.India Code, Government of India. Text fetched 16 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.