(See Sections 18, 19, 20, and 22)
Order of Priorities for the Discharge of Liabilities of the Company
Post-take-over management period
Wages, salaries and other dues of the employees of the Company.
(i) Loans advanced by the Central Government.
(ii) Loans advanced by Banks.
Any credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations.
Any other loans.
Revenue, taxes, cesses, rates or any other dues to the Central Government or a State Government.
Pre-take-over management period
Arrears in relation to contributions to be made by the Company to the provident fund, salaries, wages and other amounts due to the employees of the Company.
Overdrafts from Banks.
Revenue, taxes, cesses, rates or any other dues to the Central Government, a State Government, a Local Authority or a State Electricity Board.
(i) Any credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations.
(ii) Any other dues.