Lawgist9Priority of disbursal of proceeds
1[The compensation for land and mine infrastructure in relation to a Schedule I coal mine as valued in accordance with section 16 shall be deposited by the successful bidder or allottee with the nominated authority and shall be disbursed maintaining, inter alia, the following priority of payments and in accordance with the relevant laws and such rules as may be prescribed.]--
(a) payment to secured creditors for any portion of the secured debt in relation to a Schedule I, coal mine which is unpaid as on the date of the vesting order;
(b) 2[amount payable] to the prior allottee in respect of the Schedule I coal mine.
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1. Subs. by s. 13, ibid., for the portion beginning with the words “The proceeds arising out of land” and ending with the words “as may be prescribed” (w.e.f. 10-1-2020).
2. Subs. by s. 13, ibid., for “compensation payable” (w.e.f. 10-1-2020).
- 4 Eligibility to participate in auction and payment of fees
- 5 Allotment of mines to Government companies or corporations
- 6 Central Government to act through nominated authority
- 7 Power to classify certain Schedule I coal mines by Central Government
- 8 Nominated authority to issue vesting order or allotment order
- 9 Priority of disbursal of proceeds
