Braithwaite and Company (India) Limited (Acquisition and Transfer ofUndertakings) Act,1976

Act No : 96

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Section : ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES OF THE COMPANY

SCHEDULE 1 ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES OF THE COMPANY

PART A Post-take -over management period

Category I- Wages, salaries and other dues of the employees of the Company.

Category II-

(a) (i) Loans advanced by the Central Government.

(ii) Secured loans advanced by banks and financial institutions.

Category III-

(a) Any other loans.

(b) Credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations.

Category IV--- Revenue, taxes, cesses, rates or other dues of Central Government or a State Government

PART B Pre-take-over management period

Category V- Arrears in relation to contributions to be made by the Company to the provident fund, salaries and wages and other amounts due to employees.

Category VI- Secured loans.

Category VII- Revenue, taxes, cesses, rates or any other dues to the Central Government, a State Government, a local authority or a State Electricity Board.

Category VIII-

(a) Any credit availed of by the Company for the purpose of trading or manufacturing operation.

(b) Any other dues.

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