Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act,1980

Act No : 67

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Section : THE SCHEDULE

SCHEDULE 02: THE SCHEDULE

(Seesections 17-.18-.19-and21-)

ORDER OF PRIORITIES FOR. THE DISCHARGE OF LIABILITIES OF THE COMPANY

Category 1-

(a) Wages, salaries and other dues payable to the employees of the Company.

(b) 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) Bank;;:

(iv) Public financial institutions.

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 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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