(7) The Central Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner, for payment to the Company- Co) an amount equal to the amount specified in section 7 ; and
(b) an amount equal to the amount payable to the Company under 14 of 1947.
SEC. I] THE GAZETTE OF TNDIA : EXTRAORDINARY 365
(2) A deposit account shall be opened by the Central Government in favour of the Commissioner, in the Public Account of India, and every amount paid under this Ordinance to the Commissioner, shall be deposited by him to the credit of the said account and the said deposit account shall be operated by the Commissioner.
(3) Interest accruing on the amounts standing to the credit of the deposit account referred to in sub-section (2) shall enure to the said account.
16. ( /) The Central Government or the Government company, as the case may be, shall be entitled to receive up to the specfficd date, to the exclusion of all other persons, any money due to the Company in relation to its undertakings which have vested in1 the Central Government, or the Government company, realised after the appointed day notwithstanding that the realisations peit^n to a period prior to the appointed day
(2) The Central Government or the1 Government company, as the case may bt, may make a claim to the Commissioner with regard to every payment made bv that Government after the appointed day for discharging any liability of the Company, m relation to any period prior to the appointed day ; and cveiy 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 Ccmral Government or the Government company.
(3) Save as otherwise provided in this Ordinance, the liabilities of the Company 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 Company.
J7 Every person having a claim against the Company shall prefer such claim betoie 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 withn a further period of thirty days and not thcieatter.
18. The claims arising out of the matters specified in the Schedule shall have priorities in accordance with the following principles, namely :—
(a) category ) will have precedence over-all other categories and category II will have precedence over category III, and so on ,
(b) the claims specified in each ol 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 ;
(c) the question of discharging any liability with regard to a matter specified in a lower category shall anise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.