Burn Company and Indian Standard Wagon Company (Nationalisation) Act ,1976
Act No : 97
Section : CERTAIN POWERS OF THE CENTRAL GOVERNMENT OR GOVERNMENT COMPANY
SECTION 16: CERTAIN POWERS OF THE CENTRAL GOVERNMENT OR GOVERNMENT COMPANY
(1) The Central Government 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 either of the two companies, in relation to the undertakings which have vested in the Central Government 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 Government company, as the case may be, may make a claim to the Commissioner with regard to every payment made by that Government after the appointed day for discharging any liability of either of the two companies, not being any liability specified in sub-section (2) of section 5-, 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 Government company.
(3) Save as otherwise provided in this Act the liabilities of either of the two companies in respect of any transaction prior lo the appointed day which have not been discharged on or before the specified date shall be the liabilities of the respective company.
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