(1) The State Government or the Corporation, or where a direction has been issued by the State Government under sub-section (1) of section 6, a 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 the proprietors, in relation to their undertaking which has vested in the State Government, or the Corporation or in such Government company, and realised after the appointed day, notwithstanding that the realisation pertains to a period prior to the appointed day.
(2) The State Government or the Corporation, or such 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 the proprietors, 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 Act, to the matter in relation to which such liability has been discharged by the State Government, or the Corporation, or such Government company.
(3) Save as otherwise provided in this Act, the liabilities of the proprietors 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 proprietors.
Appointment of Commissioner of Payments.
Payment by State Government to Commissioner.
Certain powers of State Government or Corporation or new Government company.
(G.C.P.) H 791—3 (2542-9-2012) 1 0
17. Every person having a claim against the proprietors with regard to any of the matters specified in the Schedule pertaining to the undertaking, shall prefer such claim before the Commissioner within thirty days from the specified date :
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.
18. The claims arising out of the matters specified in the Schedule shall have priorities in accordance with the following principles, namely :—
(a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III;
(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.