(1) The National Textile Corporation shall be entitled to receive, up to the specified date, to the exclusion of all other persons, any money due to a textile undertaking realised after the appointed day, notwithstanding that the realisation pertain to a period prior to the appointed day.
(2) The National Textile Corporation may make a claim to the Commissioner with regard to every payment made by it as the authorised rerson in relation to a textile undertaking after the appointed day but before the date on which this Ordinance was promulgated for discharging any liability of the Company 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 Ordinance to the matter in relation to which such liability has been discaarged by the authorised person.
(3) Save as otherwise provided in this Ordinance, the liabilities in relauon to a textile unuentuung in respect or any period puor to tne appouuea any wiacn nave noi oeen mscnarged oy tne uutnonaed person snail. De tne uaoinues 01 tue Company.
Explanation.—Fav the purposes ot this section, 'authorised per3on" means any person or poay 01 persons autnonsed to take over me management or any textue unuei taking in pursuance ox tne order ot tne liovernmenc 01 mma iXi tne late jyiuusixy ox industrial Development No. t>.L>.
iitio(HI), datea tne iaia April, iu<a, issued unaer clause ifl) 01 sub-section {1) ot section lbAA o± the industries development and itesuiation) Act.
1U51.
18. Every person having a claim against the Company in relation to ciaim» the textile undertakings witn regard to any o± tne matters specihed in tne to be Schedule snail preier sucn claim Deiore tne Commissioner wiinin tnirty days irom the specified date:
made to the Commissioner.Provided that if the Commission«r i9 satisfied that the claimant was prevented by sufficient cause xrom prelemng tne ciaun withm tne said period of thirty days, ne may entertain the claim within a further period of thirty days, hut not thereafter.
19. The claims arising out of matters specified in the Schedule shall Priority have priorities in accordance with the following principles, namely:— * claims.
(a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III and so on;
(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 proportion* and be jpaid 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 aftar meeting all th« liabilities specified In the immediately higher category.