Hindustan Tractors Limited (Acquisition and Transfer of Undertakings) Act,1978
Act No : 13
Section :
Certain powers of the Central Government or State Government orGovernment company.
18. Certain powers of the Central Government or State Government or Government company. (1) The Central Government, or the State Government, or the Government company, as the case may be, shall be entitled to receive up to the specified date, to the exclusion of all other persons, any money due to the Company, in relation to its undertakings which have vested in the Central Government, or the State Government, or the Government company, relised after the appointed day notwithstanding that the relisation pertains to a period to the appointed day. ---------------------------------------------------------------------- 1 24.3.1982 Vide Notif No. S.O. 175(E) dt. 24.3.1982. 678 (2) The Central Government, or the State Government or the Government company, as the case may be, may make a claim to the Commissioner with regard to every payment made by it after the appointed day for discharging any liability of the Company, not being any liability specified in sub-section (2) of section 5, the relation to any period prior to the appointed day; and every such claim shall have priority in accordance with the priorities attaching, under this Act, to the matter in relation to which such liability has been discharged by the Central Government, or the State Government, or the Government company. (3) Save as otherwise provided in this Act, the liabilities of the Company in respect of any transaction prior to the appointed day, which have not been discharged on or before the specified date, shall be the liabilities of the Company.
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