(1) The Bhaskar Textile Mills (Acquisition and Transfer) Ordinance, 1985 is hereby repealed.
(2) Notwithstanding such repeal any thing done, any action taken or notification order, instruction or direction issued under the ordinance so repealed, shall be deemed to have been done, taken or issued under the corresponding provisions of this Act.
THE SCHEDULE (See sections 18, 19 and 20) Order of priorities for the discharge of liabilities in respect of the textile unuei taking.
CATEGORY I All dues including arrear salaries, wages, leave and other dues and gratuity of persons employed in the textile undertaking relating to the period prior to the appointed day.
CATEGORY II Loans inclusive of interest advanced by the Central and the State Government and any bank prior to the appointed day.
CATEGORY III Power to make rules Power to remove difficulties.:
Declaration as to the policy of the State Repeal and savings Orissa Ordinance 5 of 1985 13 Dues of secured creditors including banks and institutions pertaining to the period prior to the appointed day.
CATEGORY IV
(i) Statutory dues of Government pertaining to the period prior to the appointed day.
(ii) Sundry creditors of the period prior to the appointed day.
(iii) Other liabilities.