Priority of contributions assessed by liquidator

Notwithstanding anything contained in any law relating to insolvency, the contribution assessed by a liquidator shall rank next to debts due to the Government or to any local authority in order of priority in insolvency proceedings. The arbitrator or the Registrar, as the case may be, shall have the power to order the expenses of determining a dispute or the cost of either party to be borne by such party or parties to the dispute as he may deem fit. The amount of advance, if any, deposited by the party concerned with the arbitrator under rule 56 (1) shall, however, be adjusted against the cost so determined and the balance amount will be payable by the party concerned.