Dalmia Dadri Cement Limited (Acquisition and Transfer of Undertakings) Act : PRIORITY OF CLAINTS Indian Bare

Dalmia Dadri Cement Limited (Acquisition and Transfer of Undertakings) Act,1981

Act No : 31

Section : PRIORITY OF CLAINTS

SECTION 18: PRIORITY OF CLAINTS

The claims arising out of the matters specified in the Schedule shall have priorities in accordance with the following principles, namely-

(a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III and so on:

(b) the etarms speeified in each of the eategories shall rank equally and be paid in full. but if the amount is insufficient to meet such claims in full. they shall abate in equal proporions and be paid accordingly; and

(c)the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities Specified in the immediately higher category.