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The Second Schedule

[See Sections 18, 19, 20 (1), 21 (1) and 23 (1)]

Order of Priorities for the Discharge of Liabilities of the two Companies

Category I-

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

(b) Arrears in relation to contributions to be made by the companies 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.

Post-take over management period

Category II-

Principal amount of loans advanced by-

(a) the Central Government;

(b) a State Government;

(c) banks and public financial institutions;

(d) any other sources.

Category III-

(a) Any credits availed of by the companies for the purpose of carrying on any trading or manufacturing operations, other than the liabilities specified in sub-section (2) of section 5.

(b) Any dues of State Electricity Boards or other Government and semi-Government institutions against supply of goods or services, other than the liabilities specified in sub-section (2) of section 5.

(c) Arrears of interest on loans and advances.

Category IV-

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

(b) Any other dues.

Category V-

Principal amount of secured loans advanced by-

(a) the Central Government;

(b) a State Government;

(c) banks and public financial institutions.

Category VI-

Principal amount of secured loans advanced by-

(a) the Central Government;

(b) a State Government;

(c) banks and public financial institutions;

(d) any other sources.

Category VII-

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

(b) Any dues of State Electricity Boards or other Government and semi-Government institutions against supply of goods or services.

(c) Arrears of interest on loans and advances.

(d) Revenue, taxes, cesses, rates or other dues to Central Government, a State Government or any local authority.

(e) Any other loans or dues.



Inchek Tyres Limited and National Rubber Manufacturers Limited (Nationalisation) Act, 1984 Back




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