60(5) Notwithstanding anything to the contrary contained in any other law for the time being

in force, the National Company Law Tribunal shall have jurisdiction to entertain or dispose
of— (a) any application or proceeding by or against the corporate debtor or corporate person;
(b) any claim made by or against the corporate debtor or corporate person, including claims
by or against any of its subsidiaries situated in India; and (c) any question of priorities or
any question of law or facts, arising out of or in relation to the insolvency resolution or
liquidation proceedings of the corporate debtor or corporate person under this Code.

RULE 11 OF NCLT RULES, 2019- 11. Inherent Powers- Nothing in these rules shall be
deemed to limit or otherwise affect the inherent powers of the Tribunal to make such orders
as may be necessary for meeting the ends of justice or to prevent abuse of the process of the
Tribunal."

Distribution of assets. 53. (1) 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 and in such manner as may be specified, namely :— (a) the
insolvency resolution process costs and the liquidation costs paid in full;

(b) the following debts which shall rank equally between and among the following :— (i)
workmen's dues for the period of twenty-four months preceding the liquidation
commencement date; and (ii) debts owed to a secured creditor in the event such secured
creditor has relinquished security in the manner set out in section 52; (c) wages and any
unpaid dues owed to employees other than workmen for the period of twelve months
preceding the liquidation commencement date; (d) financial debts owed to unsecured
creditors; (e) the following dues shall rank equally between and among the following:— (i)
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; (ii) debts owed to a secured creditor for any amount unpaid
following the enforcement of security interest; (f) any remaining debts and dues; (g)
preference shareholders, if any; and (h) equity shareholders or partners, as the case may be

(2) Any contractual arrangements between recipients under sub-section (1) with equal
ranking, if disrupting the order of priority under that sub-section shall be disregarded by the
liquidator. (3) The fees payable to the liquidator shall be deducted proportionately from the
proceeds payable to each class of recipients under sub-section (1), and the proceeds to the
relevant recipient shall be distributed after such deduction. Explanation.—For the purpose of
this section— (i) it is hereby clarified that at each stage of the distribution of proceeds in
respect of a class of recipients that rank equally, each of the debts will either be paid in full,
or will be paid in equal proportion within the same class of recipients, if the proceeds are
insufficient to meet the debts in full; and (ii) the term "workmen's dues" shall have the same
meaning as assigned to it in section 326 of the Companies Act, 2013
5(7) "financial creditor" means any person to whom a financial debt is owed and includes
a person to whom such debt has been legally assigned or transferred to;

5(8) "financial debt" means a debt alongwith interest, if any, which is disbursed against the
consideration for the time value of money and includes— (a) money borrowed against the
payment of interest; (b) any amount raised by acceptance under any acceptance credit facility
or its de-materialised equivalent; (c) any amount raised pursuant to any note purchase facility
or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d) the amount
of any liability in respect of any lease or hire purchase contract which is deemed as a finance
or capital lease under the Indian Accounting Standards or such other accounting standards as
may be prescribed; (e) receivables sold or discounted other than any receivables sold on
nonrecourse basis; (f) any amount raised under any other transaction, including any
forward sale or purchase agreement, having the commercial effect of a borrowing; (g)
any derivative transaction entered into in connection with protection against or benefit from
fluctuation in any rate or price and for calculating the value of any derivative transaction,
only the market value of such transaction shall be taken into account; (h) any counter-
indemnity obligation in respect of a guarantee, indemnity, bond, documentary letter of credit
or any other instrument issued by a bank or financial institution; (i) the amount of any
liability in respect of any of the guarantee or indemnity for any of the items referred to in sub-
clauses (a) to (h) of this clause;

3(30) "secured creditor" means a creditor in favour of whom security interest is created;

3 (31) "security interest" means right, title or interest or a claim to property, created in favour
of, or provided for a secured creditor by a transaction which secures payment or performance
of an obligation and includes mortgage, charge, hypothecation, assignment and encumbrance
or any other agreement or arrangement securing payment or performance of any obligation of
any person: Provided that security interest shall not include a performance guarantee;

3(27)"property" includes money, goods, actionable claims, land and every description of
property situated in India or outside India and every description of interest including present
or future or vested or contingent interest arising out of, or incidental to, property;

11(4)(h)RERA- after he executes an agreement for sale for any apartment, plot or building, as
the case may be, not mortgage or create a charge on such apartment, plot or building, as the
case may be, and if any such mortgage or charge is made or created then notwithstanding
anything contained in any other law for the time being in force, it shall not affect the right
and interest of the allottee who has taken or agreed to take such apartment, plot or building,
as the case may be;

(8)Provided further that in case of revocation of registration of a project under this Act, the
association of allottees shall have the first right of refusal for carrying out of the remaining
development works.