(1) If, out of the moneys paid to him in relation to the undertakings of the Company, there is a balance left after meeting the liabilities in accordance with the priorities specified in the Schedule, the Commissioner shall disburse such balance to the Company.
(2) Where any machinery, equipment or other property has vested under this Act in the State Government or the existing, or new, Government company, as the case may be, but such machinery, equipment or other property does not belong to the Company; it shall be lawful for the State Government or the existing, or new, Government company, as the case may be, to continue to possess such machinery, equipment or other property on the same terms and conditions under which they were possessed by the Company immediately before the appointed day.
Disbursement of money by Commisstoner to claimants.
Disbursement of amounts to the Company and possession of certain machinery, equipment, etc.
237 The India Belting and Cotton Mills Limited (Acquisition and Transfer of Undertakings) Act, 1992.
[West Ben. Act (Chapter V1.—Commissioner of Payments.—Section 24.— Chapter VII. Miscellaneous.—Sections 25-27.)
Undisbursed or unclaimed amount to be deposited to the general revenue account.-
24. Any money paid to the Commissioner which remains undisbursed or unclaimed on the date immediately preceding the date on which the office of the Commissioner is finally wound up shall be transferred by the Commissioner to the general revenue account of the State Government;
but a claim to any money so transferred may be preferred to the State Government by the persons entitled to such paymentand shall be dealt with as if such transfer had not been made, and the order, if any, for the payment of the claim shall be treated as an order for the refund of the revenue.
CHAPTER VII Miscellaneous Act to have overriding effect.
Assumption of liability.
Contracts to cease to have effect unless ratified by the State Government or existing, or new, Government company.
25. The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law other than this Act, or in any decree or order of any court, tribunal or other authority.