Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act : DISBURSEMENT OF MONEY

Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1986

Act No : 30

Section : DISBURSEMENT OF MONEY BY THE COMMISSIONER TO CLAIMANTS

SECTION 22: DISBURSEMENT OF MONEY BY THE COMMISSIONER TO CLAIMANTS

(1) After admitting a claim against the Company under this Act, the amount due in respect of such claim shall be paid by the Commissioner to the person or persons to whom such amount is due and on such payment, the liability of the Company in respect of such claim shall stand discharged.

(2) If, out of the moneys paid to him in relation to the textile undertakings, there is a balance left after meeting the liabilities as specified in the Schedule, the Commissioner shall disburse such balance to the Company.