Hindustan Tractors Limited (Acquisition and Transfer of Undertakings) Act : Assumption of liability

Hindustan Tractors Limited (Acquisition and Transfer of Undertakings) Act,1978

Act No : 13

Section : Assumption of liability

26. Assumption of liability. (1) Where any liability of the company arising out of any item specified in Category I, Category II and Category III of the Schedule is not discharged fully by the Commissioner out of the amount paid to him under this Act, the Commissioner shall intimate in writing to the Central Government the extent to that liability which remains undischarged and that liability shall be assumed by the Central Government. (2) On the vesting of the undertakings of the Company in the State Government or the Government company under this act, the liability assumed by the Central Government under sub-section (1) shall be the liability of the State Government or the Government company, as the case may be.