Brentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act,1987
Act No : 36
Section : THE SCHEDULE
SCHEDULE 01: THE SCHEDULE
[See section 17-,section 19(1)-section 20(1)-and section 22(1)1-ORDER OF PRIORITIES 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 of the Company for the provident fund, the Employees' State Insurance Fund, premium relating to the Life Insurance Corporation of India or for any other purpose.
(c) Arrears in relation to contributions to be made by the Company to provident fund, the Employees' State Insurance Fund or under any other law for the time being in force providing for such contributions Post-take-over management period.
Category II-
Principal amount of loans advanced by-
(i) the Central Government;
(ii) a State Government;
(iii) banks and financial institutions;
(iv) any other source.
Category III-
(a) Any credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations, other than those specified in sub-section (2) of section 5-.
(b) Any dues of the State Electricity Boards or other Government or Semi-Government institutions against supply of goods of services, other than those specified in sub-section (2) of section 5-.
(c) Arrears of interest on loans and advances.
Category IV-
(a) Revenue, taxes, cesses, rates or other dues to the Central
Government, a State Government or any local authority.
(b) Any other dues. Pre-take-over management period.
Category V-
Principal amount of secured loans advanced by-
(i) the Central Government;
(ii) a State Government;
(iii) banks and financial institutions.
Category VI-
Principal amount of unsecured loans advanced by-
(i) the Central Government;
(ii) a State Government;
(iii) banks and financial institutions.
Category VII-
(a) Any credit availed of by the Company for the purpose of carrying on any trading or manufacturing operations.
Read All Comments
