Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983
Act No : 41
Section : THE SCHEDULE
SCHEDULE 1 THE SCHEDULE
(See sections 17-,19-,20-and22-) ORDER OF PRIORITIES FOP THE DISCHARGE OF LIABILITIES OF THE COMPANY Category I-
(a) Wages, salaries and other dues payable to the employees of the Company.
(b) Deductions made from the salaries and wages of the employees for provident fund, Employees' State Insurance contribution, premium relating to Life Insurance Corporation of India or for any other purposes.
(c) Arrears in relation to contributions to be made by the Company to the provident fund. Employees State Insurance
Fund, Life Insurance Corporation premium and any other arrear under any law for the time being in force (excluding gratuity). Category
II- Principal amount of secured loans advanced by-
(i) Central Government;
(ii) State Government;
(iii) Banks;
(iv) Public financial institutions;
(v) Others. Category III- Principal amount of unsecured loans advanced by-
(i) Central Government;
(ii) State Government;
(iii) Banks;
(iv) Public financial institutions; Category IV-
(a) Any credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations.
(b) Any dues payable to the State Electricity Boards or other Government or semi-Government institutions for supply of goods or services.
(c) Arrears of interest on loans and advances, Category V-
(a) Revenue, taxes, cesses, rates or other dues to Central Government, State Government and local authorities.
(b) Any other loans or dues.
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