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The Schedule

(See Sections 18, 19, 20, and 22)

Order of Priorities for the Discharge of Liabilities of the Company

Part A

Post-take-over management period

Category I

Wages, salaries and other dues of the employees of the Company.

Category II

(i) Loans advanced by the Central Government.

(ii) Loans advanced by Banks.

Category III

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

Category IV

Any other loans.

Category V

Revenue, taxes, cesses, rates or any other dues to the Central Government or a State Government.

Part B

Pre-take-over management period

Category VI

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.

Category VII

Overdrafts from Banks.

Category VIII

Revenue, taxes, cesses, rates or any other dues to the Central Government, a State Government, a Local Authority or a State Electricity Board.

Category IX

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

(ii) Any other dues.



Gresham and Craven of India (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1977 Back




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