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The Second Schedule

[See Sections 21, 22, 23 and 27]

Order of Priorities for Discharge of Liabilities in Respect of A Textile Undertaking

Part A
Post-take-over management period

Category I.-

(a) Loans advanced by a Bank.

(b) Loans advanced by an institution other than a Bank.

(c) Any other loan.

(d) Any credit availed of for purpose of trade or manufacturing operations.

Category II.-

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

(b) Any other dues.

Part B
Pre-take-over management period

Category III.-

Arrears in relation to provident fund, salaries and wages, and other amounts, due to an employee.

Category IV.-

Secured loans.

Category V.-

Revenues, taxes, cesses, rates or any other dues to the Central Government, a State Government, a local authority or a State Electricity Board.

Category VI.-

(a) Any credit availed of for purpose of trade or manufacturing operations.

(b) Any other dues.



Textile Undertakings (Nationalisation) Act, 1995 Back




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