Section 32: Priorities of Liabilities of the Committee

The revenues of a Committee, shall, after meeting its operating, maintenance and management expenses, be applied as far as these are available, in the following order; namely - (a) the repayment of principal amount of, and interest thereon loans, taken without guarantee from the State Government; (b) the repayment of principal amount of, and interest thereon, sums paid by the State Government under guarantees if any, to that Government; (c) the repayment of principal amount of, and interest on loans guaranteed by the State Government; (d) the repayment of principal amount, and interest thereon of the loans, which are not guaranteed by the State Government; (e) the balance remaining shall be utilized for the reduction of fees payable to the Committee under this Act or for expenses incurred in the discharge of any of the functions of the Committee, as the Committee may think fit or the Managing Director may direct.