(1) Subject to the provisions of sub-section (4) of section 9 and sub-section (4) of this section, the State Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner for payment to the Company,—
(a) the first instalment of the amount specified in section 8, and
(b) the first instalment of the amount payable to the Company under section 9:
Provided that twelve months shall not intervene between the date of payment of one instalment and the date of payment of the next instalment.
(2) A deposit account shall be opened by the State Government in favour of the Commissioner in the Public Account of the State, and every amount paid under this Act to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit account shall be operated by the Commissioner.
(3) Intefest accruing on the amounts standing to the credit of the deposit account referred to in sub-section (2) shall enure to the said account.
Appointment of Commissioner of Payments.
Payment by State Government to the Commissioner.
201 The Di Paul Lohmann (India) Limited (Acquisition and Transfer of Undertakings) Act, 1986.
[West Ben. Aci (Chapter VI.—Commissioner of Payments.—Sections 17, 18.)
(4) Notwithstanding anything contained elsewhere in this Act,—
(a) any amount payable to any bank or financial institution towards repayment of the principal amount of any secured loans advanced by such bank or financial institution to the Company before the date of taking over of management of the undertakings of the Company, shall be paid directly by the State Government to such bank or financial institution in accordance with such agreement, in writing, as the State Government and the bank or the financial institution may enter into with each other, and
(b) the amount payable by the State Government directly to any bank or financial institution under clause (a) shall be deducted from the amounts payable to the Company under sections 8 and 9.
Certain powers of State Government or existing.
or new.
Government company.
Claims to be made to the Commisminer.
17. ( I ) 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.
(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 such claim before 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 within a further period of thirty days and not thereafter.
202 The Dr. Paul Lohmann (India) Limited (Acquisition and Transfer of Undertakings) Act, 1986.
:XX of 1986.]
(Chapter VT—Commissioner of Payments.—Sections 19-21.)
19. The claims arising out of the matters 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.
20. ( I ) On receipt of the claims made under section 18, the Examination Commissioner shall arrange the claims in the order of priorities specified of claims.
in the Schedule and examine the same in accordance with such order of priorities.
(2) If, on examination of the claims, the Commissioner is of the opinion that the amount paid to him under this Act is not sufficient to meet the liabilities specified in any lower category, he shall not be required to examine any claim in respect of such lower category.