Bengal Immunity Company Limited (Acquisition and Transfer of Undertakings) Act,1984
Act No : 57
Section : CENTRAL GOVERNMENT OR EXISTING, OR NEW, GOVERNMENT COMPANY, NOT TO BE LIABLE FOR CERTAIN PRIOR LIABILITIES
SECTION 05: CENTRAL GOVERNMENT OR EXISTING, OR NEW, GOVERNMENT COMPANY, NOT TO BE LIABLE FOR CERTAIN PRIOR LIABILITIES
(1) Every liability of the Company in respect of any period prior to the 1st day of April. 1983, shall be the liability of the Company and shall be enforceable against it and not against the Central Government, or, where the undertakings of the Company are directed, under section 6-, to vest in an existing Government company, or become transferred by virtue of the provisions of section 7-, to a new Government company, against such Government company.
(2) Any liability incurred by, or arising against the Company, on or after the 1st day of April, 1983, including the liability to repay loans advanced to the Company by the Central Government on or after that day, together with the interest due thereon, shall be the liability,-
(a) where the undertakings of the Company are directed, under section 6-, to vest in an existing Government company, of that existing Government company; or
(b) where the undertakings of the Company become transferred by virtue of the provisions of section 7-. to a new Government company, of that new Government company, and shall be discharged by such Government company as and when the discharge of such liability becomes due.
(3) For the removal of doubts, it is hereby declared that,-
(a) save as otherwise expressly provided in this Act, no liability of the Company in relation to its undertakings in respect of any period prior to the 1st day of April, 1983, shall be enforceable against the Central Government, or. where the undertakings of the Company are directed, under section 6-, to vest in an existing Government company, or become transferred by virtue of the provisions of section 7-, to a new Government company, against such Government company;
(b) no award, decree or order of any Court, tribunal or other authority in relation to the undertakings of the company, passed on or after the appointed day, in respect of any matter, claim or dispute, which arose before the 1st day of April, 1983, shall be enforceable against the Central Government, or, where the undertakings of the Company are directed, under section 6-, to vest in an existing Government company, or become transferred, by virtue of the provisions of section 7-, to a new Government
company, against such Government company;
(c) no liability incurred by the Company before the 1st day of April, 1983, for the contravention of any provision of law for the time being in force, shall be enforceable against the Central Government, or, where the undertakings of the Company are directed, under section 6-, to vest in an existing Government company, or become transferred, by virtue, of the provisions of section 7-, to a new Government company, against such Government company.
Read All Comments
