Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act,1982

Act No : 50

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Section : DISBURSEMENT OF MONEY BY THE COMMISSIONER TO CLAIMANTS

SECTION 19: DISBURSEMENT OF MONEY BY THE COMMISSIONER TO CLAIMANTS

Where, after meeting the claims admitted by him of secured creditors, and unsecured creditors having priority under sub-section
(2) of section 16-, the total amount of the claims of other unsecured creditors admitted by the Commissioner does not exceed the balance of the amount left after meeting the liabilities referred to in sub-sections (1) and (2) of section 16-, every admitted claim of such other unsecured creditors shall rank equally among themselves and be paid in full, and the balance, if any, shall be paid to the Amritsar Sugar Mills Company; but where such amount is insufficient to meet in full the total amount of such admitted claims, all such claims shall abate in equal proportions and be paid accordingly.

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