Sick Textile Undertakings (Nationalisation) Act : ASSUMPTION OF LIABILITY Indian Bare Acts :

Sick Textile Undertakings (Nationalisation) Act,1974

Act No : 57

Section : ASSUMPTION OF LIABILITY

SECTION 27: ASSUMPTION OF LIABILITY

(1) Where any liability of the owner of a sick textile undertakings- arising out of any item specified in Category I of the Second 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 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 any liability assumed by that Government under sub-section (1) and on receipt of such direction, it shall be the duty of the National Textile Corporation to discharge such liability.