Coal Mines (Nationalisation) Act : Disbursement of money by the Commissioner to claimants. Indian Bare

Coal Mines (Nationalisation) Act,1973

Act No : 26

Section : Disbursement of money by the Commissioner to claimants.

24. Disbursement of money by the Commissioner to claimants. Where, after meeting the claims admitted by him, of secured creditirs, and unsecured creditors having priority under sub-section (2) of section 22, the total amount of claims of other unsecured creditors admitted by the Commissioner, does not exceed the total amount of the money credited to the account of a coal mine, every such admitted claim shall be paid in full and the balance, if any, shall be paid to the owner, but where such amount is insufficient to meet in full the total amount of the admitted claims, all such claims shall abate in equal proportions and be paid accordingly.