Textile Undertakings (Nationalisation) Act,1995

Act No : 39

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Section : (See sections 21, 22, 23 and 27)

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. K. L. MOHANPURIA, Secy. to the Govt. of India.

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