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The Bird and Company Ltd. (Acquisition and Transfer of Undertakings and other Properties) Act, 1980

Schedule II

(See Sections 17, 18, 19 and 21)

Order of Priorities for The Discharge of Liabilities of The Company

Category I-

(a) Wages, salaries and other dues payable to the employees of the Company.

(b) Arrears in relation to contributions to be made by the Company to the Provident Fund, Employees State Insurance Fund, Life Insurance Corporation premium and any other arrear under any law for the time being in force (excluding gratuity).

Category II-

Principal amount of secured loans advanced by-

(i) Central Government;

(ii) State Government;

(iii) Banks;

(iv) public financial institutions.

Category III-

Principal amount of unsecured loans advanced by-

(i) Central Government;

(ii) State Government;

(iii) Banks;

(iv) public financial institutions.

Category IV-

(a) Any credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations.

(b) Any dues payable to the State Electricity Boards or other Government or semi-Government institutions for supply of goods or services.

(c) Arrears of interest on loans and advances.

Category V-

(a) Revenue, taxes, cesses, rates or other dues to Central Government, State Government and local authorities.

(b) Any other loans or dues.



Bird and Company Ltd. (Acquisition and Transfer of Undertakings and other Properties) Act, 1980 Back




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