(1) The State Government shall deposit, in cash, in the Court of Payment of the Chief Judge of the City Civil Court, Calcutta, to the credit of the amount.
Company, an amount equal to the sum of rupees two crores and eighteen lakhs for the transfer to, and vesting in, the State Government, under section 3 of the undertaking of the Company.
(2) For the avoidance of doubts, it is hereby declared that the liabilities of the Company in relation to its undertaking which has vested in the State Government under section 3, shall be met from the amount referred to in sub-section (1).
(3) In meeting the liabilities of the Company in relation to its undertaking which has vested in the State Government under section 3, the Court shall distribute the amount referred to in subsection (1) amongst the creditors of the Company, whether secured or unsecured, in accordance with their rights and interests, and if there is any surplus left after such distribution, amongst the contributories of the Company in accordance with the rights and interests of such contributories.