Burn Company and Indian Standard Wagon Company (Nationalisation) Act ,1976

Act No : 97

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Section : THE SECOND SCHEDULE

SCHEDULE 02: THE SECOND SCHEDULE

(See Sections 18-.19-.20-and24-)

ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES OF THE TWO COMPANIES

PART "A" Post take ever management period

Category I-

(a) Loans advanced by banks.

(b) Loans advanced by the lndustrial Reconstruction Corporation of India.

(c) Credit availed of for purposes of trade or manufacturing operators. Category II-

(a). Revenue, taxes, cesses, rates or other dues of Central Government or a State Government.

(b) Sales tax; rates and taxes, contributions to be made to the Employees' State Insurance Fund, and Additional Dearness Allowance payable to employees.

PART "B" Pre take over management period

Category Ill- Arrears in relation to provident fund, salaries and wages and other amounts due to employees.

Category IV- Secured loans.

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

Category VI-

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

(b) Any other dues.

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