Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act : ASSUMPTION OF

Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1986

Act No : 30

Section : ASSUMPTION OF LIABILITY

SECTION 25: ASSUMPTION OF LIABILITY

(1) Where any liability of the Company in relation to any textile undertaking arising out of any item specified in Part I of the Schedule is not discharged fully by the Commissioner out of the amounts paid to him under tins Act, the Commissioner shall intimate in writing to the Central Government the extent of the liability which remains undischarged and that liability shall be assumed by the Central Government.

(2) The Central Government may, by order, direct the National Textile Corporation to take over the liability assumed by the Central Government under sub-section (1), and on receipt of such direction, it shall be the duty of that Corporation to discharge such liability.