(1) Notwithstanding anything contained in sections 3, 4 and 6, the State Government may, if it is satisfied that a new Government company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, direct, by notification, that the undertakings of the Company, and the right, title and interest of the Company in relation to its undertakings which have vested in the State Government under section 3, shall, instead of continuing to vest in the State Government, vest in that new Government company either on the date of publication of the notification or on such earlier or later date (not being a date earlier than the date of registration of the new Government company) as may be specified in the notification.
(2) Where the right, title and interest of the Company in relation to its undertakings vest under sub-section (1) in a new Government company, that new Government company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and the rights and liabilities of the State Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of that new Government company.
8. .(1) For the transfer to, and vesting in, the State Government, under section 3, of the undertakings of the Company and the right, title and interest of the Company in relation to its undertakings, there shall be given by the State Government to the Company in cash, as a one-time settlement, a sum of rupees forty-one thousand within such time as the State Government may by notification specify.
(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 specified in sub-section (1).
(3) For the deprivation of the Company of the management of its undertakings, there shall be given to the Company by the State Government an amount of rupees five hundred and twenty-three.
150 The Lily Barley Mills (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1996.
XIII of 1996.]
(Sections 9, 10.)
(4) Every person having a claim against the Company shall prefer such claim before the Commissioner of Payments appointed under section 9 within such period as the State Government may by notification specify.
The procedure of disposing the claim shall be such as may be prescribed.
(5) 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 amount payable to the Company under this section.