Sick Textile Undertakings (Nationalisation) Act,1974

Act No : 57

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Section : SCHEDULE

SCHEDULE 02: SCHEDULE

[See sections 21-,22-,23-, and27-] Order of priorities for the discharge of liabilities in respect of a sick textile undertaking

PART A

Post-take-over management period

Category 1.-

(a) Loans advanced by a bank.

(b) Loans advanced by an institution other than a bank.

(c) Any other loan.

(d) Any credit availed of for purpose of trade or manufacturing operations.

Category 2.- (

a) Revenue, taxes, cesses, rates or any other dues to the Central Government or a State Government.

(b) Any other dues.

PART B Pretake- over management period

Category 3.- Arrears in relation to provident fund, salaries and wages, and other amounts, due to an employee.

Category 4.- Secured loans.

Category 5.- Revenue, taxes, cesses, rates or any other dues to the Central Government, a State Government, a local authority or a State Electricity Board.

Category 6.-

(a) Any credit availed of for purpose of trade or manufacturing operations.

(b) Any other dues.

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