Sick Textile Undertakings (Nationalisation) Act,1974
Act No : 57
Section : DISBURSEMENT OF AMOUNTS TO THE OWNERS OF SICK TEXTILE UNDERTAKINGS
SECTION 25: DISBURSEMENT OF AMOUNTS TO THE OWNERS OF SICK TEXTILE UNDERTAKINGS
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(1) If out of the monies paid to him in relation to a sick textile undertaking, there is a balance left after meeting the liabilities as specified in the Second Schedule, the Commissioner shall disburse such balance to the owner of such sick textile undertaking.
(2) Before making any payment to the owner of any sick textile undertaking under sub-section (1), the. Commissioner shall satisfy himself as to the right of such person to receive the whole or any part of such amount, and in the event of there being a doubt or dispute as to the right of the person to receive the whole or any part of the amount referred to in sections 8-and9-, the Commissioner shall refer the matter to the Court and make the disbursement in accordance with the decision of the Court.
(3) For the removal of doubts, it is hereby declared that the entries in column (3) of the First Schedule shall not be deemed to be conclusive as to the right, title and interest of any person in relation to any sick textile undertaking specified in the corresponding entries in column (2) of the said Schedule and evidence shall be admissible to establish the right, title and interest of any person in relation to such sick textile undertaking.
(4) Where any machinery, equipment or other property in a sick textile undertaking has vested in the National Textile Corporation, but such machinery, equipment or other property does not belong to the owner of such sick textile undertaking, the amount specified in column (4) of the First Schedule against such sick textile undertaking shall on a reference made to it by the Commissioner, be apportioned by the Court between the owner of such -sick textile undertaking and the owner of such machinery equipment or other property having due regard, to the value of such machinery, equipment or other property on the appointed day.
Explanation.- In this section, "Court," in relation to a sick textile undertaking means the principal Civil Court of original jurisdiction within the local limits of whose jurisdiction the sick textile undertaking is situated.
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