Which of the following forms part of the liquidation estate under section 36?

Section 36(3)(f) includes in the liquidation estate any assets, or their value, recovered in proceedings for avoidance transactions, fraudulent or wrongful trading or under section 47, as reworded in 2026. Section 36(4) excludes third-party assets, including "all sums due to any workman or employee from the provident fund, the pension fund and the gratuity fund", personal assets of shareholders or partners, and assets of any Indian or foreign subsidiary. Excluded assets cannot be used for recovery in the liquidation.