(1) The State Government shall, within sixty days from the appointed day, pay, in cash, to the Official Liquidator of the Company, an amount equal to the sum of rupees two lakhs and twenty-five thousand for payment to the Company for the transfer to, and vesting in, the State Government, under section 3, of the undertakings of the Company.
(2) For the avoidance of doubts, it is hereby declared that the liabilities of the Company in relation to the undertakings which have vested in the State Government under section 3, shall be met from the amount referred to in sub-section (1).
(3) Every person having a claim to the amount as aforesaid or any part thereof shall prefer such claim before the Official Liquidator within such period as the High Court at Calcutta may specify and the amount may be disbursed in accordance with such order or direction as may be made or issued by the High Court.
Power of State Govemment to direct vesting of the undertakings of the Company in an existing Government company.
Payment of amount.
135 The Elvoc Private Limited (Acquisition and Transfer of Undertakings) Act, 1985.
[West Ben. Act Management etc. of the undertakings of the Company.
Duty to deliver possession of the undertakings.
Act to have overriding effect.
Protection of action taken in good faith.
(Sections 7-10.)