(1) The Central India Spinning, Weaving and Manufacturing Company Limited, the Empress Mills, Nagpur (Acquisition and Transfer of Undertaking) Ordinance, 1986, is hereby repealed.
(2) Notwithstanding such repeal, anything done or any action taken (including any rule made, order or notification issued or any appointment made or direction issued) under the said Ordinance shall be deemed to have been done, taken, issued or made, as the case may be, under the corresponsding provisions of this Act.
SCHEDULE [See sections 2(h), 17, 18, 19, 20(1) and 22] ORDER OF PRIORITIES FOR THE DISCHARCE OF LIABILITIES OF THE PROPERIETORS Category I— All dues including gratuity of employees in the undertaking ; arrears relating to contributions towards Provident Fund and contrbutions under the Employees’ State Insurance Act, 1984 , payable by the proprietors.
Category II— Arrears of excise duty, sales-tax, dues relating to electricity and dues of a local authority.
Category III— Secured creditors including banks and institutions.
Category IV— (I) Sundry creditiors.
(II) Other liabilities.
Power to remove difficulties.
Repeal of Mah. Ord.
V of 1986 and saving.
Mah.
Ord.
V of
1986.
XXX- IV of
1948.
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