(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 amounts 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.
234 The India Belting and Cotton Mills Limited (Acquisition and Transfer of Undertakings) Act, 1992.
XXXI of 1992.]
(Chapter VI.—Commissioner of Payments.—Sections 17, 18.)
(3) Interest accruing on the amounts standing to the credit of the deposit account referred to in sub-section (2) shall ensure to the said account.
(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.