(1) The Central Government or the existing, or new. Government company, as the case may be, shall be entitled to receive up to the specified date, to the exclusion of all other persons, any money due to either of the two companies in relation to its undertakings which have vested in the Central Government or the existing, or new, Government company, as the case may be, and realised after the appointed day notwithstanding thit the realisation pertains to a period prior to the appointed day.
Certain powers of Central Government or existing, or new, Government company.(2) The Central Government, or the existing, or new, Government company, as the case may be, may make a claim to the Commissioner with regard to every payment made by it after the appointed day, for discharging any liability of cither 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 existing, or new, Government company.
(3) Save as otherwise provided in this Ordinance, the liabilities of 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 with regard to any of the matters specified in the Second Schedule pertaining to any undertakings owned by it, shall prefer such claim before the Commi^ioner within thirtv days from the specified date:
Claims to be made to the Commissioner.
Provided that if the Commissioner is satisfied that the claimant was prevented hy 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 arising out of the matters specified in the Second Schedule shall have priorities in accordance with the following principles, namely:— Priority of claims.
(a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III, and so on;
io THE GAZETTE OF INDIA EXTRAORDINARY [PART l i - ft)) 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.