Lawgist16Valuation of compensation for payment to prior allottee
(1) The quantum of compensation for the land in relation to Schedule I coal mines shall be as per the registered sale deeds lodged with the nominated authority in accordance with such rules as may be prescribed, together with twelve per cent. simple interest from the date of such purchase or acquisition, till the date of the execution of the vesting order or the allotment order, as the case may be.
(2) The quantum of compensation for the mine infrastructure in relation to Schedule I coal mines shall be determined as per the written down value reflected in the statutorily audited balance sheet of the previous financial year in accordance with such rules and in such manner as may be prescribed.
(3) If the successful bidder or allottee is a prior allottee of any of the Schedule I coal mines, then, the compensation payable to such successful bidder or allottee shall be set off or adjusted against the auction sum or the allotment sum payable by such successful bidder or allottee, as the case may be, for any of the Schedule I coal mines.
(4) The prior allottee shall not be entitled to compensation till the additional levy has been paid.
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- 10 Utilisation of movable property used in coal mining operations
- 11 Discharge or adoption of third party contracts with prior allottees
- 12 Provisions in relation to secured creditors
- 13 Void alienations and permitted security interests
- 14 Liabilities of prior allottees
- 15 Commissioner of payments to be appointed and his powers
- 16 Valuation of compensation for payment to prior allottee
