(1) The State Government or the existing, or 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 Company, in relation to its undertakings which have vested in the State Government or the existing, or new, Government company, as the case may be, and realised after the appointed day, notwithstanding that the realisation pertains to a period prior to the appointed day.
302 The Britannia Engineering Company Limited (Titagarh Unit) (Acquisition and Transfer of Undertakings) Act, 1984.
XLIII of 1984.]
(Chapter VL—Commissioner of Payments.—Sections 18-20.)
(2) The State Government or the existing, or new, 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 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 Act, to the matter in relation to which such liability has been discharged by the State Government or the existing, or new, Government company, as the case may be.
(3) Save as otherwise provided in this Act, 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.
18. Every person having a claim against the Company shall prefer Claims to be such claim before the Commissioner within thirty Clays from the specified made to the Commisdate: sioner.
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 and not thereafter.
19. The claims arising out of the matter specified in the Schedule Priority of shall have priorities in accordance with the following principles:— 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 proportions and be paid accordingly;
(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.