(1) The Kerala Sick Textile Undertakings (Acquisition and Transfer of Undertakings) Ordinance, 1985 (68 of 1985) is here by repealed.
(2) Notwithstanding such repeal, anything done or deemed to have been done or any action taken or deemed to have been taken under the said Ordinance shall be deemed to have been done or taken under this Act.
5062895/2021/IND (C) 171 First Schedule [See sections 2(g), 2(j), 4(5) and 8] Sl No. Name of the sick textile Name of the owner Amount in Rupees undertaking _______________________________________________________________________
(1) (2) (3) (4) _______________________________________________________________________ 1 Malabar Spinning and Malabar Spinning Weaving Mills, P.O.Kallai, and Weaving 30,60,524 Calicut company, Limited P.O.Kallai, Calicut 673003, Kerala 2 Prabhuram Mills Prabhuram Mills Ltd 17,06,228 P.O Kottah, P O Kottah (via) Chengannur Chenganoor, Kerala 3 Kottayam Tetiles Kottayam Textiles Kurumulloor.P.O Ltd, Vedagiri, 41,10,533 Kottayam District Kurumulloor P.O, (via) Ettumanoor, Kottayam District, Kerala 20 The Second Schedule (See sections 19, 20,21 & 25) ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES IN RESPECT OF A SICK TEXTILE UNDERKING
PART I Category – I Arrears in relation to provident fund, salaries and wages and other amounts, due to an employee for the pre-take over management period.
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PART II OTHER LIABILITIES (A) POST-TAKEOVER MANAGEMENT PERIOD Category- II 1(a) Loans advanced and liabilities including contingent liabilities arising from guarantees given by a bank]
(b) Loans advanced by an institution other than a Bank.
(c) Any other loan.
(d) Any credit availed of for purposes of trade or manufacturing operations Category-III
(a) Revenue, taxes, cesses, rates or any other dues to the Central Government or a State Government.
(b) Any other dues (B) PRE- TAKE OVER MANAGEMENT PERIOD Category-IV Principal amounts of the secured loans advanced by any Nationalised Bank or public financial institution.
Category- V Secured loans other than those specified under Category IV.
1. Substituted by Act 10 of 1990 5062895/2021/IND (C) 173 Category-VI Revenue, taxes, cesses, rates or any other dues to the Central Government, a State Government, a local authority or a State Electricity Board.
Category – VII
(a) Any credit availed of for purpose of trade or manufacturing operations.
(b) Any other dues.
Category – VIII Interest amounts on the secured loans advanced by any nationalized bank or public financial institution.
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