Section 64 — Payment of certain debts out of assets subject to floating charge in priority to claims under the charge

(1) Where either a receiver is appointed
on behalf of the holders of any debentures of a company secured by a floating
charge, or possession is taken by or on behalf of these debenture holders of any
property comprised in or subject to the charge, then, if the company is not at the
time in course of being wound up, the debts which in every winding up are under
the provisions of Part-X relating to preferential payments to be paid in priority to
all other debts, shall be paid forthwith out of any assets coming to the hands of the
receiver or other person taking possession as aforesaid in priority to any claim for
principal or interest in respect of the debentures.

(2) The periods of time mentioned in the said provisions of Part-X shall
be reckoned from the date of the appointment of the receiver or of possession being
taken as aforesaid, as the case may be.

(3) Any payments made under sub-section (1) shall be recouped, as far
as may be, out of the assets of the comp any available for payment of general
creditors.