(1) The Central Government or the Government companies, as the Certain case may be, shall be entitled to receive, up to the specified date, to the powerg of exclusion of all other persons, any money due to either of the two compa- Central nies in relation to the undertakings which have vested in the Central m e n t o r Government or the Government companies and realised after the appoint- Governed day, notwithstanding that the realisation pertains to a period prior to ment comthe appointed day. Pa n i e s '
(2) The Central Government or the Government companies, as the case may be, may make a claim to the Commissioner with regard to every payment made by that Government or the concerned Government company after the appointed day, for discharging any liability of either of the two companies, not being any liability specified in sub-section (2) of Section 5, in relation to any period prior to the appointed day, and every such claim shall have priority, in accordance with the priorities attaching, under this Ordinance, to the matter in relation to which such liability has been discharged by the Central Government or the Government company.
(3) Save as otherwise provided in this Ordinance, the liabilities dt either of the two companies in respect of any transaction prior to the appointed day which have not been discharged on or before the specified date shall be the liabilities of the respective company.
18. Every person having a claim against either of the two companies Claims to with regard to any of the matters specified in the Third Schedule pertain- *» made ing to any undertaking owned by it shall prefer such claim before the J? t h e .
Commissioner within thirty days from the specified date: sioner
Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring the claim within the said period of thirty days, he may entertain the claim within a further period of thirty days, but not thereafter.
19. The claims made under section 18 shall have priorities in accord- Priority of ance with the following principles, namely:— claims.
(a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III and so on;
(b) the claims specified in each of the categories shall rank equally and be paid in full, but, if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; and
(c) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.