Gresham and Craven of India (Private) Limited (Acquisition and Transfer of Undertakings) Act,1977
Act No : 42
Section : CERTAIN POWERS OF THE CENTRAL GOVERNMENT OR BRAITHWAITE AND COMPANY LIMITED OR GOVERNMENT COMPANY
SECTION 16: CERTAIN POWERS OF THE CENTRAL GOVERNMENT OR BRAITHWAITE AND COMPANY LIMITED OR GOVERNMENT COMPANY
(1) The Central Government, or the Braithwaite and Company Limited, or the Government company, as the case may be, shall be entitled to receive up to the specified date, to the exclusion of all other persons, any money due to the Company in relation to its undertakings which have vested in the Central Government, or the Braithwaite and Company Limited, or the Government company, realised after the appointed day notwithstanding that the realisation pertains to a period prior to the appointed day.
(2) The Central Government, or the Braithwaite and Company Limited, or the Government company, as the case may be, may make a claim to the Commissioner with regard to every payment made by it after the appointed day for discharging any liability of the Company in relation to any period prior to the appointed day; and every such claim shall have priority in accordance with the priorities attaching, under this Act, to the matter in relation to which such liability has been discharged by the Central Government or the Braithwaite and Company Limited, or the Government company.
(3) Save as otherwise provided in this Act, the liabilities of the Company in respect of any transaction prior to the appointed day, which have not been discharged on or before the specified date, shall be the liabilities of the Company.
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